<SEC-DOCUMENT>0001292814-12-000832.txt : 20120403
<SEC-HEADER>0001292814-12-000832.hdr.sgml : 20120403
<ACCEPTANCE-DATETIME>20120403172802
ACCESSION NUMBER:		0001292814-12-000832
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20121231
FILED AS OF DATE:		20120403
DATE AS OF CHANGE:		20120403

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NATIONAL STEEL CO
		CENTRAL INDEX KEY:			0001049659
		STANDARD INDUSTRIAL CLASSIFICATION:	STEEL WORKS, BLAST FURNACES & ROLLING & FINISHING MILLS [3310]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14732
		FILM NUMBER:		12739077

	BUSINESS ADDRESS:	
		STREET 1:		RUA LAURO MULLER
		STREET 2:		116 36 ANDAR
		CITY:			RIO DE JANEIRO RJ BR
		STATE:			D5
		ZIP:			00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>siddf4q11_6k.htm
<DESCRIPTION>FINANCIAL STATEMENTS
<TEXT>

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<DIV><FONT size=1></FONT>&nbsp;</DIV>

<DIV align=center><FONT color=#000000 size=5 face="Times New Roman"><B>SECURITIES AND EXCHANGE COMMISSION </B></FONT></DIV>

<DIV align=center><FONT color=#000000 size=3 face="Times New Roman"><B>Washington, D.C. 20549 </B></FONT></DIV>

<DIV><FONT size=1></FONT>&nbsp;</DIV>

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<DIV><FONT size=1></FONT>&nbsp;</DIV>

<DIV align=center><FONT color=#000000 size=5 face="Times New Roman"><B>FORM 6-K </B></FONT></DIV>

<DIV><FONT size=1></FONT>&nbsp;</DIV>

<DIV align=center><FONT color=#000000 size=3 face="Times New Roman">Report of Foreign Private Issuer<BR>Pursuant to Rule 13a-16 or 15d-16 of the</FONT></DIV>

<DIV align=center><FONT color=#000000 size=3 face="Times New Roman">Securities Exchange Act of 1934</FONT></DIV>

<DIV><FONT size=1></FONT>&nbsp;</DIV>

<DIV align=center>

<DIV><FONT color=#000000 size=3 face="Times New Roman"><B>For the month of April, 2012</B></FONT></DIV><FONT color=#000000 size=3 face="Times New Roman"><B>Commission File Number 1-14732 </B></FONT></DIV>

<DIV><FONT size=1></FONT>&nbsp;</DIV>

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<DIV align=center><FONT color=#000000 size=5 face="Times New Roman"><B>COMPANHIA SIDER&#218;RGICA NACIONAL </B></FONT></DIV>

<DIV align=center><FONT color=#000000 size=2 face="Times New Roman">(Exact name of registrant as specified in its charter) </FONT></DIV>

<DIV><FONT size=1></FONT>&nbsp;</DIV>

<DIV align=center></DIV>

<DIV align=center><FONT color=#000000 size=5 face="Times New Roman"><B>National Steel Company </B></FONT></DIV>

<DIV align=center><FONT color=#000000 size=2 face="Times New Roman">(Translation of Registrant's name into English)</FONT></DIV>

<DIV><FONT size=1></FONT>&nbsp;</DIV>

<DIV align=center><FONT color=#000000 size=3 face="Times New Roman"><B>Av. Brigadeiro Faria Lima 3400, 20&#186; andar<BR>S&#227;o Paulo, SP, Brazil<BR>04538-132 </B></FONT></DIV>

<DIV align=center><FONT color=#000000 size=2 face="Times New Roman">(Address of principal executive office)</FONT></DIV>

<DIV><FONT size=1></FONT>&nbsp;</DIV>

<P></P>

<DIV align=center><FONT color=#000000 size=3 face="Times New Roman">Indicate by check mark whether the registrant files or will file annual reports<BR>under cover Form 20-F or Form 40-F.&nbsp;</FONT> Form 20-F ___X___ Form 40-F _______

<P>&nbsp;<FONT size=3 face="Times New Roman, Times, Serif">Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. </FONT>&nbsp;</P>Yes _______ No ___X____ </DIV>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>Table of Contents</FONT></B></P></TD>

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   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; BORDER-TOP: #bfbfbf 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="96%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>Company Information</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; BORDER-TOP: #bfbfbf 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="4%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="96%">

   <P style="TEXT-INDENT: 20pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>Capital Breakdown</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>1</FONT></P></TD></TR>

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   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="96%">

   <P style="TEXT-INDENT: 20pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Cash Dividends</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>2</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>Parent Company Financial Statements </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="96%">

   <P style="TEXT-INDENT: 20pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>Balance Sheet &#8211; Assets</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>3</FONT></P></TD></TR>

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   <P style="TEXT-INDENT: 20pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>Balance Sheet &#8211; Liabilities</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>4</FONT></P></TD></TR>

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   <P style="TEXT-INDENT: 20pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>Statement of Income</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>5</FONT></P></TD></TR>

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   <P style="TEXT-INDENT: 20pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>Statement of Comprehensive Income</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>6</FONT></P></TD></TR>

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   <P style="TEXT-INDENT: 20pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>Statement of Cash Flows</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>7</FONT></P></TD></TR>

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   <P style="TEXT-INDENT: 20.1pt; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>Statement of Changes in Shareholders&#8217; Equity</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <P style="TEXT-INDENT: 40pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>1/1/2011 to 12/31/2011</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>8</FONT></P></TD></TR>

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   <P style="TEXT-INDENT: 40pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>1/1/2010 to 12/31/2010</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>9</FONT></P></TD></TR>

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   <P style="TEXT-INDENT: 20pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>Statement of Value Added</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>10</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>Consolidated Financial Statements</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="96%">

   <P style="TEXT-INDENT: 20pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>Balance Sheet - Assets</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>11</FONT></P></TD></TR>

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   <P style="TEXT-INDENT: 20pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>Balance Sheet - Liabilities</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>12</FONT></P></TD></TR>

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   <P style="TEXT-INDENT: 20pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>Statement of Income</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>13</FONT></P></TD></TR>

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   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="96%">

   <P style="TEXT-INDENT: 20pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>Statement of Comprehensive Income</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>14</FONT></P></TD></TR>

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   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="96%">

   <P style="TEXT-INDENT: 20pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>Statement of Cash Flows</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>15</FONT></P></TD></TR>

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   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="96%">

   <P style="TEXT-INDENT: 20.1pt; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>Statement of Changes in Shareholders&#8217; Equity</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15pt">

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   <P style="TEXT-INDENT: 40pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>1/1/2011 to 12/31/2011</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>16</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

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   <P style="TEXT-INDENT: 40pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>1/1/2010 to 12/31/2010</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>17</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

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   <P style="TEXT-INDENT: 20pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>Statement of Value Added</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>18</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="96%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>Comments on the Company&#8217;s Consolidated Performance</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>19</FONT></P></TD></TR>

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   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="96%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>Notes to the Financial Statements</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>26</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>Reports and Statements</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15pt">

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>Unqualified Independent Auditors&#8217; Report on the Financial Statements</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>106</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="96%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>Extract of the Meeting of the CSN Audit Committee</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>108</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="96%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>Statement of Diretors on the Financial Statement</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>109</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="96%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>Statement of Diretors on the Auditors&#180; Report</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>110</FONT></P></TD></TR></TABLE></DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>DFP &#8211; Annual Financial Statements - December 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT>&nbsp;</FONT></P></DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>

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<TR style="HEIGHT: 15pt">

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=black face=arial,sans-serif>Company Information / Capital Breakdown</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="28%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="57%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="28%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #bfbfbf; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="57%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>Number of Shares</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #bfbfbf; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Balance at </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #bfbfbf; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom rowSpan=2 width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #bfbfbf; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="57%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>(Units)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #bfbfbf; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>12/31/2011</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #d9d9d9; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="57%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>Paid-in Capital</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #d9d9d9; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #d9d9d9; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="57%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>Common</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>1,457,970,108</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="28%">&nbsp;</TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="57%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>Preferred</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #f2f2f2; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="57%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #f2f2f2; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>1,457,970,108</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #f2f2f2; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #d9d9d9; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="57%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>Treasury Shares</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #d9d9d9; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #d9d9d9; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="57%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>Common</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="28%">&nbsp;</TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="57%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>Preferred</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #f2f2f2; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="57%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #f2f2f2; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #f2f2f2; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15pt">

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<P style="TEXT-ALIGN: right">Page 1 of 110</P>

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<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>DFP &#8211; Annual Financial Statements - December 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT>&nbsp;</FONT></P></DIV>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>Company Information / Cash Dividends</FONT></B></P>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>Event</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Approval</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 27pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Dividends</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Inition Payment</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Type of share</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Class of share</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Dividens per common share (R$/share)</FONT></B></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 5.25pt; PADDING-TOP: 0in" vAlign=bottom width="23%">&nbsp;</TD></TR>

<TR style="HEIGHT: 15pt">

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>Annual general meeting</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>04/29/11</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #a5a5a5 1pt dotted; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>Dividends</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #a5a5a5 1pt dotted; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>05/30/11</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #a5a5a5 1pt dotted; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 10pt" color=black>ordinary</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #a5a5a5 1pt dotted; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #a5a5a5 1pt dotted; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>1.02883</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BORDER-BOTTOM: #a5a5a5 1pt dotted; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>Annual general meeting</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #a5a5a5 1pt dotted; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>04/29/11</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>Interest on Capital</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>05/30/11</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #a5a5a5 1pt dotted; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>ordinary</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #a5a5a5 1pt dotted; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #a5a5a5 1pt dotted; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>0,24472</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>Provided by Company&#180;s Bylaw</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #a5a5a5 1pt dotted; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #a5a5a5 1pt dotted; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>Dividends</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #a5a5a5 1pt dotted; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>ordinary</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #a5a5a5 1pt dotted; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #a5a5a5 1pt dotted; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>0,63548</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BORDER-BOTTOM: #a5a5a5 1pt dotted; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="20%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>Proposal</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #a5a5a5 1pt dotted; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>Dividends</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #a5a5a5 1pt dotted; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #a5a5a5 1pt dotted; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>ordinary</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #a5a5a5 1pt dotted; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #a5a5a5 1pt dotted; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>0,18758</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: right">Page 2 of 110</P>

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<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>DFP &#8211; Annual Financial Statements - December 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT>&nbsp;</FONT></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" face=arial,sans-serif>Parent Company Financial Statements / Balance Sheet - Assets</FONT></B></P></TD>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="56%" colSpan=2 noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(R$ thousand)</FONT></B></P></TD>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Code </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Description </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Current year</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap align=center>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Previous year</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>12/31/2011</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>12/31/2010</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Total assets </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>45,582,817 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>37,368,812 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1.01 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Current assets </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>8,886,953 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>5,264,859 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1.01.01 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Cash and cash equivalents </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,073,244 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>108,297 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1.01.03 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Trade receivables </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3,516,800 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,180,972 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1.01.04 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Inventories </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,885,617 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,706,713 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1.01.06 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Recoverable taxes </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>296,394 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>257,559 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1.01.08 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Other current assets </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>114,898 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>11,318 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1.02 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Non-current assets </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>36,695,864 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>32,103,953 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1.02.01 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Long-term receivables </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3,852,937 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6,625,611 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1.02.01.03 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Trade receivables </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>10,202 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>18,982 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1.02.01.06 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Deferred taxes </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,300,650 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>854,437 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1.02.01.08 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Receivables from related parties </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>125,843 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,471,325 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1.02.01.09 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Other non-current assets </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,416,242 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3,280,867 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1.02.02 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Investments </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>22,573,890 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>17,023,295 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1.02.03 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Property, plant and equipment </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>10,247,845 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>8,432,416 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1.02.04 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Intangible assets </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>21,192 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>22,631 </FONT></P></TD></TR></TABLE><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT></DIV>

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<P style="TEXT-ALIGN: right">Page 3 of 110</P>

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<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>DFP &#8211; Annual Financial Statements - December 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT>&nbsp;</FONT></P></DIV>

<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>

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<DIV align=left>

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<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="80%" colSpan=5 noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" face=arial,sans-serif>Parent Company Financial Statements / Balance Sheet - Liabilities</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="20%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="56%" colSpan=2 noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(R$ thousand)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Code </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Description </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Current year</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Previous year</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>12/31/2011</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>12/31/2010</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Total liabilities and equity </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>45,582,817</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>37,368,812</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2.01 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Current liabilities </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7,351,509</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>5,087,912</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2.01.01 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Payroll and related taxes </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>123,839</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>108,271</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2.01.02 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Trade payables </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>667,886</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>427,048</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2.01.03 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Taxes payable </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>122,648</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>74,967</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2.01.04 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Borrowings and financing </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>4,330,141</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,366,347</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2.01.05 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Other payables </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,872,865</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,910,991</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2.01.06 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Provisions </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>234,130</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>200,288</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2.01.06.01 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Provisions for tax, social security, labor and civil risks </FONT></P></TD>

   <TD vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD vAlign=bottom width="20%" noWrap align=right>&nbsp;<FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>225,997</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap align=right>&nbsp;<FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>200,288</FONT></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2.01.06.02 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Other provisions </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>8,133</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2.02 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Non-current liabilities </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>30,245,487</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>24,648,140</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2.02.01 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Borrowings and financing </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>19,005,495</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>12,817,002</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2.02.02 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Other payables </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>9,718,976</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>9,107,570</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2.02.04 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Provisions </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,521,016</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,723,568</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2.02.04.01 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Provisions for tax, social security, labor and civil risks </FONT></P></TD>

   <TD vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD vAlign=bottom width="20%" noWrap align=right>&nbsp;<FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>262,432</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,929,811</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2.02.04.02 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Other provisions </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,258,584</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>793,757</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2.02.04.02.04 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Pension and healthcare plan </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>469,027</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>367,839</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2.02.04.02.06 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Other provisions </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>789,557</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>425,918</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2.03 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Equity </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7,985,821</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7,632,760</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2.03.01 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Issued capital </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,680,947</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,680,947</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2.03.02 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Capital reserves </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>30</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>30</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2.03.04 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Earnings reserves </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7,671,620</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6,119,798</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2.03.04.01 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Legal reserve </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>336,190</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>336,190</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2.03.04.02 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Statutory Reserve </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>5,717,390</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2.03.04.04 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Unrealized earnings reserve </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3,779,357</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2.03.04.08 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Additional dividends proposed </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>273,492</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,227,703</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2.03.04.09 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Treasury shares </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-570,176</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2.03.04.10 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Retained earnings </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,344,548</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,346,724</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2.03.08 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Other comprehensive income/(loss) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-1,366,776</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-168,015</FONT></P></TD></TR></TABLE></DIV></DIV></DIV>

<P style="TEXT-ALIGN: right">Page 4 of 110</P>

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<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>DFP &#8211; Annual Financial Statements - December 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT>&nbsp;</FONT></P></DIV>

<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="80%" colSpan=5 noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" face=arial,sans-serif>Parent Company Financial Statements / Statements of Income</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="20%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="56%" colSpan=2 noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(R$ thousand) </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Code </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Description </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>YTD Current Year</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>YTD Previous Year</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>01/01/2011 to 12/31/2011</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>01/01/2010 to 12/31/2010</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.01 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Revenue from sales and/or services </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>10,754,587</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>10,451,970</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.02 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Cost of sales and/or services </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-7,257,670</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-5,987,554</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.03 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Gross profit </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3,496,917</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>4,464,416</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.04 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Operating expenses </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3,502,173</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>280,298</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.04.01 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Selling expenses </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-335,302</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-335,111</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.04.02 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>General and administrative expenses </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-355,914</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-330,631</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.04.04 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Other operating income </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>133,020</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>77,295</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.04.05 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Other operating expenses </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-336,768</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-569,425</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.04.06 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Share of profits of affiliated companies </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>4,397,137</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,438,170</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.05 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Profit before finance income (costs) and taxes </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6,999,090</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>4,744,714</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.06 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Finance income (costs) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-3,533,524</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-2,063,221</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.06.01 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Finance income </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>255,438</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>233,607</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.06.02 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Finance costs </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-3,788,962</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-2,296,828</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.06.02.01 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Net exchange gains (losses) on financial instruments </FONT></P></TD>

   <TD vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD vAlign=bottom width="20%" noWrap align=right>&nbsp;<FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-794,544</FONT></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap align=right>&nbsp;<FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>136,625</FONT></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.06.02.02 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Finance costs </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-2,994,418</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-2,433,453</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.07 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Profit before taxes on income </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3,465,566</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,681,493</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.08 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Income tax and social contribution </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>240,467</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-165,117</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.09 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Profit from continuing operations </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3,706,033</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,516,376</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.11 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Profit for the year </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3,706,033</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,516,376</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Earnings per share - (reais/share) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap align=right>&nbsp;</TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.99.01 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Basic earnings per share </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap align=right>&nbsp;</TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.99.01.01 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Common shares </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2.54191</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1.72594</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.99.02 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Diluted earnings per share </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap align=right>&nbsp;</TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.99.02.01 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Common shares </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2.54191</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1.72594</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt">&nbsp;</P></DIV>

<P style="TEXT-ALIGN: right">Page 5 of 110</P>

<DIV style="PAGE-BREAK-BEFORE: always">

<HR align=center SIZE=2 width="100%" noShade>

&nbsp;</DIV>
&nbsp; <A name=page_7></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader7"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(CONVENIENCE TRANSLATION
INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN
PORTUGUESE)</FONT></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>DFP &#8211; Annual
Financial Statements - December 31, 2011 &#8211; CIA SIDERURGICA
NACIONAL</FONT></FONT><FONT size=+0>&nbsp;</FONT></P></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>
<DIV align=left>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>

  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt" vAlign=bottom width="56%" colSpan=2 noWrap>
      <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" face=arial,sans-serif>Parent
      Company Financial Statements / Statement of Comprehensive
      Income</FONT></B></P></TD>
    <TD style="HEIGHT: 15pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 15pt" width="20%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 15pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 15pt" width="20%" noWrap>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="HEIGHT: 12.75pt" width="12%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt" width="44%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt" width="20%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt" width="20%" noWrap>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="HEIGHT: 12.75pt" width="56%" colSpan=2 noWrap>
      <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(R$
      thousand) </FONT></B></P></TD>
    <TD style="HEIGHT: 12.75pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt" width="20%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt" width="20%" noWrap>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="HEIGHT: 12.75pt" width="12%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt" width="44%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt" width="20%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt" width="20%" noWrap>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="HEIGHT: 12.75pt" width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Code
      </FONT></B></P></TD>
    <TD style="HEIGHT: 12.75pt" width="44%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Description </FONT></B></P></TD>
    <TD style="HEIGHT: 12.75pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt" width="20%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>YTD
      Current Year</FONT></B></P></TD>
    <TD style="HEIGHT: 12.75pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt" width="20%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>YTD
      Previous Year</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" width="44%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>01/01/2011 to 12/31/2011</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>01/01/2010 to 12/31/2010</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>4.01
      </FONT></P></TD>
    <TD style="HEIGHT: 12.75pt" width="44%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Profit
      for the year </FONT></P></TD>
    <TD style="HEIGHT: 12.75pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3,706,033</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,516,376</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>4.02
      </FONT></P></TD>
    <TD style="HEIGHT: 12.75pt" width="44%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Other
      comprehensive income </FONT></P></TD>
    <TD style="HEIGHT: 12.75pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-1,198,761</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>417,700</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="HEIGHT: 12.75pt" width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>4.02.01
      </FONT></P></TD>
    <TD style="HEIGHT: 12.75pt" width="44%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Exchange differences arising on translation of
      foreign operations, net of taxes </FONT></P></TD>
    <TD style="HEIGHT: 12.75pt" width="2%">&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>195,046</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-69,270</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>4.02.02
      </FONT></P></TD>
    <TD style="HEIGHT: 12.75pt" width="44%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Actuarial gains/(losses) on defined benefit plan,
      net of taxes </FONT></P></TD>
    <TD style="HEIGHT: 12.75pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-74,331</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-28,603</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>4.02.03
      </FONT></P></TD>
    <TD style="HEIGHT: 12.75pt" width="44%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Net
      change in fair value of available-for-sale financial assets, net of taxes
      </FONT></P></TD>
    <TD style="HEIGHT: 12.75pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-621,312</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>515,573</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>4.02.04
      </FONT></P></TD>
    <TD style="HEIGHT: 12.75pt" width="44%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Net
      change in fair value of available-for-sale financial assets transferred to
      profit or loss </FONT></P></TD>
    <TD width="2%" noWrap>&nbsp;</TD>
    <TD width="20%" noWrap align=right>&nbsp;<FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-698,164</FONT></TD>
    <TD style="HEIGHT: 12.75pt" width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.75pt" width="20%" noWrap align=right>&nbsp;<FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>4.03
      </FONT></P></TD>
    <TD style="HEIGHT: 12.75pt" width="44%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Comprehensive income for the year </FONT></P></TD>
    <TD style="HEIGHT: 12.75pt" width="2%" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,507,272</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,934,076</FONT></P></TD></TR></TABLE></DIV></DIV></DIV>
<P style="TEXT-ALIGN: right">Page 6 of 110</P>
<DIV style="PAGE-BREAK-BEFORE: always">
<HR align=center SIZE=2 width="100%" noShade>
&nbsp;</DIV>&nbsp; <A name=page_8></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader8"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(CONVENIENCE TRANSLATION
INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN
PORTUGUESE)</FONT></B></FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT color=black face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>DFP &#8211; Annual
Financial Statements - December 31, 2011 &#8211; CIA SIDERURGICA
NACIONAL</FONT></FONT><FONT size=+0>&nbsp;</FONT></P></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>

  <TR style="HEIGHT: 15pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="100%" colSpan=6 noWrap>
      <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" face=arial,sans-serif>Parent
      Company Financial Statements / Statement of Cash Flows &#8211; Indirect
      Method</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="56%" colSpan=2 noWrap>
      <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(R$
      thousand) </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Code
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Description </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>YTD
      Current Year</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>YTD
      Previous Year</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>01/01/2011 to 12/31/2011</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>01/01/2010 to 12/31/2010</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.01</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Net
      cash generated by (used in) operating activities</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,707,665</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,145,494</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.01.01</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Cash
      generated from operations</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3,326,955</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3,847,775</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.01.01.01 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Profit
      for the year</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3,706,033</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,516,376</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.01.01.02</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Accrued
      charges on borrowings and financing</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,767,087</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,013,881</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.01.01.03</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Depreciation/ depletion / amortization
</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>761,060</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>635,040</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.01.01.04</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Proceeds from write-off and disposal of
      assets</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>15,601</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>788</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.01.01.05</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Realization of available-for-sale
      investments</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-4,397,137</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-1,438,170</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.01.01.07</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Deferred income tax and social
      contribution</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-240,467</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>36,434</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.01.01.08</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Provision of swaps/forwards</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>20,594</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>18,864</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.01.01.10</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Provision for actuarial liabilities</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-11,249</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,393</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.01.01.11</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Provision for tax, social security, labor and civil
      risks</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>70,403</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>232,444</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.01.01.12</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Inflation adjustment and exchange
      differences</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>794,544</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-17,998</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.01.01.13</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Allowance for doubtful debts</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-116,336</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-8,535</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.01.01.14</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Other
      provisions</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-43,178</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-143,742</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.01.02</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Increase (decrease) in assets and liabilities
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-1,619,290</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-1,702,281</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.01.02.01 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Trade
      receivables</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-324,125</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>56,984</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.01.02.02</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Related
      parties receivables</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-916,200</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-132,702</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.01.02.03</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Inventories</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-197,446</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-659,980</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.01.02.04</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Receivables from related parties</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,022,436</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>79,256</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.01.02.05</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Recoverable taxes</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-32,919</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>382,075</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.01.02.06</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Trade
      payables</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>143,683</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-13,295</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.01.02.07</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Payroll
      and related taxes</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-61,070</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-53,126</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.01.02.08</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Taxes
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>139,505</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>45,448</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.01.02.09</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Taxes
      in installments - REFIS</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-295,125</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-413,657</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.01.02.10</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Accounts payables with controlled
    company</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-23,690</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-4,013</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.01.02.11</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Dividends and interest on capital
    received</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>660,489</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>370,788</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.01.02.12</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Judicial deposits</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-25,662</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-28,591</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.01.02.13</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Contingent liabilities </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>58,802</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-11,052</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.01.02.16</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Interest paid</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-1,757,687</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-1,366,978</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.01.02.17</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Interest on swap paid</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-21,479</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-18,038</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.01.02.18</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Other
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>11,198</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>64,600</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.02</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Net
      cash used in investing activities</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-4,142,387</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-4,962,075</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.02.02</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Capital
      reduction of controlled entity</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>234,172</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.02.06</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Investments</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-2,128,402</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-3,944,867</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.02.07</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Property, plant and equipment</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-2,015,015</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-1,549,303</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.02.08</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Intangible assets</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-1,309</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.02.09</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Cash
      arrising from controlled company merger</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,030</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>299,232</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.03</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Net
      cash generated by financing activities</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>4,397,329</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>53,763</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.03.01</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Borrowings</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7,314,956</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,640,753</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.03.03</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Repayments to financial institutions -
      principal</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-1,061,246</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-1,026,195</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.03.04</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Dividends and interest on capital</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-1,856,381</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-1,560,795</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.04</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Exchange rate changes on cash and cash
      equivalents</FONT></P></TD>
    <TD width="2%" noWrap>&nbsp;</TD>
    <TD width="20%" noWrap align=right>&nbsp;<FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,340</FONT></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>&nbsp;<FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-1,804</FONT></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.05</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Increase (decrease) in cash and cash
      equivalents</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,964,947</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-2,764,622</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.05.01</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Cash
      and cash equivalents at the beginning of the year</FONT></P></TD>
    <TD width="2%" noWrap>&nbsp;</TD>
    <TD width="20%" noWrap align=right>&nbsp;<FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>108,297</FONT></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>&nbsp;<FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,872,919</FONT></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.05.02</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Cash
      and cash equivalents at the end of the year</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,073,244</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%" noWrap align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>108,297</FONT></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 10pt">&nbsp;</P></DIV>
<P style="TEXT-ALIGN: right">Page 7 of 110</P>
<DIV style="PAGE-BREAK-BEFORE: always">
<HR align=center SIZE=2 width="100%" noShade>
&nbsp;</DIV>&nbsp; <A name=page_9></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader9"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>

  <TR style="HEIGHT: 15pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="100%" colSpan=14 noWrap>
      <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" face=arial,sans-serif>Parent
      Company Financial Statements / Statement of Changes in Shareholders&#8217;
      Equity &#8211; 1/1/2011 to 12/31/2011</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="30%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="40%" colSpan=2 noWrap>
      <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(R$
      thousand)</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="30%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="30%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>&nbsp;</TD></TR>
  <TR style="HEIGHT: 38.25pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 38.25pt; PADDING-TOP: 0in" width="10%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Code
      </FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 38.25pt; PADDING-TOP: 0in" width="30%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Description </FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 38.25pt; PADDING-TOP: 0in" width="1%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 38.25pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Paid-in
      Capital</FONT></I></B></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 38.25pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 38.25pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Capital
      Reserve</FONT></I></B></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 38.25pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 38.25pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Earning
      Reserve</FONT></I></B></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 38.25pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 38.25pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Retained earnings</FONT></I></B></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 38.25pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 38.25pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Other
      comprehensive income</FONT></I></B></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 38.25pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 38.25pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Equity</FONT></I></B></P></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>5.01</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="30%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>At
      December 31, 2010 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,680,947</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>30</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6,119,798</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-168,015</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7,632,760</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>5.03</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="30%">
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Adjusted opening balances (Impact of restatement of
      prior years)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,680,947</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>30</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6,119,798</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-168,015</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7,632,760</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>5.04</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="30%">
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>Capital transactions with shareholders</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>-954,211</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>-1,200,000</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>-2,154,211</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>5.04.06</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="30%">
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Dividends</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-926,508</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-926,508</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>5.04.09</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="30%">
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Additional dividends proposed</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>273,492</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-273,492</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>5.04.10</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="30%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Approval of prior year&#8217;s proposed
      dividends</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-1,227,703</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-1,227,703</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>5.05</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="30%">
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>Total comprehensive income</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>3,706,033</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>-1,198,761</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>2,507,272</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>5.05.01</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="30%">
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Profit
      for the year</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3,706,033</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3,706,033</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>5.05.02</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="30%">
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Other
      comprehensive income</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-1,198,761</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-1,198,761</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>5.05.02.04</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="30%">
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Translation adjustments for the year</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>195,046</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>195,046</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>5.05.02.07</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="30%">
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Gain/loss on pension plan</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-74,331</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-74,331</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>5.05.02.08</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="30%">
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Available-for-sale assets</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-621,312</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-621,312</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>5.05.02.09</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="30%">
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Sale of
      available-for-sale assets</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-698,164</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-698,164</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>5.06</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="30%">
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>Internal changes in equity</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>2,506,033</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>-2,506,033</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>5.06.01</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="30%">
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Recognition of reserves</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,506,033</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-2,506,033</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>5.07</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="30%">
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>Balances At December 31, 2011</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,680,947</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>30</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>7,671,620</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>-1,366,776</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>7,985,821</FONT></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 10pt">&nbsp;</P></DIV>
<P style="TEXT-ALIGN: right">Page 8 of 110</P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_10></A>
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<a name="_bclHeader10"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" border=0 cellSpacing=0 cellPadding=0>

  <TR style="HEIGHT: 15pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="100%" colSpan=14 noWrap>
      <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" face=arial,sans-serif>Parent
      Company Financial Statements / Statement of Changes in Shareholders&#8217;
      Equity &#8211; 1/1/2010 to 12/31/2010</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 15pt">
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    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="9%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="9%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="9%" noWrap>&nbsp;</TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="40%" colSpan=2 noWrap>
      <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(R$
      thousand)</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
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    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="9%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="9%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
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  <TR style="HEIGHT: 7.5pt">
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  <TR style="HEIGHT: 9.75pt">
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    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 9.75pt; PADDING-TOP: 0in" width="9%" noWrap>&nbsp;</TD>
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    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 9.75pt; PADDING-TOP: 0in" width="9%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 9.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 9.75pt; PADDING-TOP: 0in" width="9%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 9.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 9.75pt; PADDING-TOP: 0in" width="9%" noWrap>&nbsp;</TD></TR>
  <TR style="HEIGHT: 38.25pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 38.25pt; PADDING-TOP: 0in" width="10%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Code
      </FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 38.25pt; PADDING-TOP: 0in" width="30%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Description </FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 38.25pt; PADDING-TOP: 0in" width="1%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 38.25pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Paid-in
      Capital</FONT></I></B></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 38.25pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 38.25pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Capital
      Reserve</FONT></I></B></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 38.25pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 38.25pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Earning
      Reserve</FONT></I></B></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 38.25pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 38.25pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Retained earnings</FONT></I></B></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 38.25pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 38.25pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Other
      comprehensive income</FONT></I></B></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 38.25pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 38.25pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Equity</FONT></I></B></P></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>5.01</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="30%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>At
      December 31, 2009</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,680,947</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>30</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>5,444,605</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-33,417</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-585,715</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6,506,450</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>5.03</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="30%">
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Adjusted opening balances (Impact of restatement of
      prior years)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,680,947</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>30</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>5,444,605</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-33,417</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-585,715</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6,506,450</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>5.04</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="30%">
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>Capital transactions with shareholders</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>49,034</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>-1,856,800</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>-1,807,766</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>5.04.06</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="30%">
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Dividends</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-272,297</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-272,297</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>5.04.07</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="30%">
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Interest on capital</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-356,800</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-356,800</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>5.04.08</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="30%">
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Other
      capital transactions</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" face=Arial>a</FONT>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-34</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-34</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>5.04.09</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="30%">
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Additional dividends proposed</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,227,703</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-1,227,703</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>5.04.10</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="30%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Approval of prior year&#8217;s proposed
      dividends</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-1,178,635</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-1,178,635</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>5.05</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="30%">
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Total
      comprehensive income</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>2,516,376</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>417,700</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>2,934,076</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>5.05.01</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="30%">
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Profit
      for the year</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>2,516,376</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,516,376</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>5.05.02</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="30%">
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Other
      comprehensive income</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>417,700</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>417,700</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>5.05.02.04</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="30%">
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Translation adjustments for the year</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-69,270</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-69,270</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>5.05.02.08</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="30%">
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Available-for-sale assets</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-28,603</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-28,603</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>5.05.02.09</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="30%">
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Sale of
      available-for-sale assets</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>515,573</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>515,573</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>5.06</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="30%">
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>Internal changes in equity</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>626,159</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>-626,159</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>5.06.01</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="30%">
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Recognition of reserves</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>626,159</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>-626,159</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>5.07</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="30%">
      <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>Balances At December 31, 2010</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,680,947</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>30</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>6,119,798</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-168,015</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>7,632,760</FONT></P></TD></TR></TABLE></DIV></DIV>
<a name="_bclFooter10"></a><DIV>&nbsp;</DIV></DIV>
<P style="TEXT-ALIGN: right">Page 9 of 110</P>
<DIV style="PAGE-BREAK-BEFORE: always">
<HR align=center SIZE=2 width="100%" noShade>
&nbsp;</DIV>
&nbsp; <A name="page_11"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<a name="_bclHeader11"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="78%" colSpan=3 noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" face=arial,sans-serif>Parent Company Financial Statements / Statement of Value Added </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="22%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="22%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="22%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(R$ thousand) </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="22%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="22%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="22%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="22%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Code </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Description </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>YTD Current Year</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>YTD Previous Year</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>01/01/2011 to 12/31/2011</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>01/01/2010 to 12/31/2010</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Revenues</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>13,393,141</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>12,743,216</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7.01.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Sales of products and services </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>13,396,286</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>12,767,477</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7.01.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Other revenues</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-5,367</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-8,228</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7.01.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Recognition/reversal of allowance for doubtful debts </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,222</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-16,033</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Inputs purchased from third parties</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-7,754,533</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-6,812,018</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7.02.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Costs of sales and services </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-6,953,404</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-5,816,404</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7.02.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Materials, eletric power, outside services and other</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-784,079</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-981,845</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7.02.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Impairment/recovery of assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-17,050</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-13,769</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Gross value added</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>5,638,608</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>5,931,198</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Retentions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-761,060</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-635,040</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7.04.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Depreciation, amortization and depletion</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-761,060</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-635,040</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7.05</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Wealth created</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>4,877,548</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>5,296,158</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7.06</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Value added received as transfer</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>4,816,365</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,645,754</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7.06.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Share of profits of subsidiaries</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>4,397,137</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,438,170</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7.06.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Finance income</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>416,732</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>204,814</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7.06.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Other</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,496</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,770</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7.07</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Wealth for distribution</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>9,693,913</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6,941,912</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7.08</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Wealth distributed</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>9,693,913</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6,941,912</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7.08.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Personnel </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,051,880</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>837,185</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7.08.01.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Salaries and wages</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>827,001</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>613,139</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7.08.01.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Benefits</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>174,603</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>174,916</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7.08.01.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Severance pay fund (FGTS) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>50,276</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>49,130</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7.08.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Taxes and fees</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>984,812</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,319,782</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7.08.02.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Federal</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>721,263</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,112,121</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7.08.02.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>State</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>227,690</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>183,104</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7.08.02.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Municipal</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>35,859</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>24,557</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7.08.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Lenders and lessors </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3,951,188</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,268,596</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7.08.03.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Interest</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3,947,778</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,266,180</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7.08.03.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Leases</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3,410</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,389</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7.08.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Shareholders</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3,706,033</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,516,376</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7.08.04.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Interest on capital</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>356,800</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7.08.04.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Dividends </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>926,508</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,500,000</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7.08.04.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Retained earnings/(accumulated losses) for the year</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,779,525</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>659,576</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt">&nbsp;</P></DIV></DIV>

<P style="TEXT-ALIGN: right">Page 10 of 110</P>

<DIV style="PAGE-BREAK-BEFORE: always">

<HR align=center SIZE=2 width="100%" noShade>

&nbsp;</DIV>

&nbsp; <A name="page_12"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<a name="_bclHeader12"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt">&nbsp;</P></DIV>

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 14.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 14.5pt; PADDING-TOP: 0in" vAlign=top width="56%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=black face=arial,sans-serif>Consolidated Financial Statements / Balance Sheet - Assets</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 14.5pt; PADDING-TOP: 0in" vAlign=top width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 14.5pt; PADDING-TOP: 0in" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 14.5pt; PADDING-TOP: 0in" vAlign=top width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="44%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="56%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>(R$ thousand)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="12%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="44%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="12%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>Code </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="44%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>Description </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="22%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>Current year</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>Previous year</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="44%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>12/31/2011</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>12/31/2010</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="12%">

   <P style="MARGIN: 0in 0in 0pt"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="44%">

   <P style="MARGIN: 0in 0in 0pt"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>2011</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>2010</FONT></I></B></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>1</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="44%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>Total assets </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>46,869,702</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>38,055,445</FONT></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>1.01 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="44%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>Current assets </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>21,944,306</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>15,793,688</FONT></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>1.01.01 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="44%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>Cash and cash equivalents </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>15,417,393</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>10,239,278</FONT></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>1.01.03 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="44%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>Trade receivables </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,616,206</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,367,759</FONT></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>1.01.04 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="44%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>Inventories </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>3,734,984</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>3,355,786</FONT></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>1.01.06 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="44%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>Recoverable taxes </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>584,273</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>473,787</FONT></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>1.01.08 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="44%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>Other current assets </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>591,450</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>357,078</FONT></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>1.02 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="44%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>Non-current assets </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>24,925,396</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>22,261,757</FONT></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>1.02.01 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="44%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>Long-term receivables </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>4,856,721</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>5,919,110</FONT></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>1.02.01.01 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="44%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>Short-term investments measured at fair value </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>139,679</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>112,484</FONT></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>1.02.01.03 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="44%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>Trade receivables </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>10,043</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>58,485</FONT></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>1.02.01.06 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="44%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>Deferred taxes </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,840,773</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,592,941</FONT></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>1.02.01.08 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="44%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>Receivables from related parties </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>479,120</FONT></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>1.02.01.09 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="44%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>Other non-current assets </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>2,866,226</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>3,676,080</FONT></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>1.02.02 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="44%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>Investments </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>2,088,225</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>2,103,624</FONT></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>1.02.03 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="44%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>Property, plant and equipment </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>17,377,076</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>13,776,567</FONT></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="12%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>1.02.04 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="44%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>Intangible assets </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>603,374</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0in" vAlign=top width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif>462,456</FONT></P></TD></TR>

<TR>

   <TD width="12%">&nbsp;</TD>

   <TD width="44%">&nbsp;</TD>

   <TD width="22%">&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="20%">&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt">&nbsp;</P></DIV>

<P style="TEXT-ALIGN: right">Page 11 of 110</P>

<DIV style="PAGE-BREAK-BEFORE: always">

<HR align=center SIZE=2 width="100%" noShade>

&nbsp;</DIV>

&nbsp; <A name="page_13"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<a name="_bclHeader13"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="100%" colSpan=5 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>Consolidated Financial Statements / Balance Sheet - Liabilities</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="20%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="100%" colSpan=5 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(R$ thousand)</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="20%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Code </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Description </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Current year</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="20%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Previous year</FONT></B></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>12/31/2011</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>12/31/2010</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Total liabilities and equity </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>46,869,702</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>38,055,445</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2.01 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Current liabilities </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6,496,947</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>4,455,955</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2.01.01 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Payroll and related taxes </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>202,469</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>164,799</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2.01.02 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Trade payables </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,232,075</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>623,233</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2.01.03 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Taxes payable </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>325,132</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>275,991</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2.01.04 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Borrowings and financing </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,702,083</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,308,632</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2.01.05 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Other payables </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,728,445</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,854,952</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2.01.06 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Provisions </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>306,743</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>228,348</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2.01.06.01 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Provisions for tax, social security, labor and civil risks </FONT></P></TD>

   <TD vAlign=bottom width="22%" noWrap align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>292,178&nbsp; </FONT></TD>

   <TD vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>222,461</FONT></P></FONT></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2.01.06.02 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Other provisions </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>14,565</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>5,887</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2.02 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Non-current liabilities </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>31,955,585</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>25,776,802</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2.02.01 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Borrowings and financing </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>25,186,505</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>18,780,815</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2.02.02 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Other payables </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>5,593,520</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>4,321,666</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2.02.03 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Deferred taxes </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>37,851</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2.02.04 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Provisions </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,137,709</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,674,321</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2.02.04.01 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Provisions for tax, social security, labor and civil risks </FONT></P></TD>

   <TD vAlign=bottom width="22%" noWrap align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>346,285&nbsp; </FONT></TD>

   <TD vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,016,842</FONT></P></FONT></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2.02.04.02 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Other provisions </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>791,424</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>657,479</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2.02.04.02.04 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Pension and healthcare plan </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>469,050</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>367,839</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2.02.04.02.06 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Other provisions </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>322,374</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>289,640</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2.03 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Equity </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>8,417,170</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7,822,688</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2.03.01 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Issued capital </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,680,947</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,680,947</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2.03.02 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Capital reserves </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>30</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>30</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2.03.04 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Earnings reserves </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7,671,620</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6,119,798</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2.03.04.01 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Legal reserve </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>336,190</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>336,190</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2.03.04.02 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Statutory reserves </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>5,117,390</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2.03.04.04 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Unrealized earnings reserve </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3,779,357</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2.03.04.08 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Additional dividends proposed </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>273,492</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,227,703</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2.03.04.09 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Treasury shares </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-570,176</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2.03.04.11 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Investment reserve </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,344,548</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,346,724</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2.03.08 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Other comprehensive income/(loss) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-1,366,776</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-168,015</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2.03.09 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Non-controlling interests </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>431,349</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>189,928</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt">&nbsp;</P></DIV>

<P style="TEXT-ALIGN: right">Page 12 of 110</P>

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<a name="_bclHeader14"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="100%" colSpan=5 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>Consolidated Financial Statements / Statements of Income</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="20%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="56%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(R$ thousand) </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="20%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="20%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Code </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Description </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>YTD Current Year</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>YTD Previous Year</FONT></B></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>01/01/2011 to 12/31/2011</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>01/01/2010 to 12/31/2010</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2011</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2010</FONT></I></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.01 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Revenue from sales and/or services </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>16,519,584</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>14,450,510</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.02 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Cost of sales and/or services </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-9,800,844</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-7,882,726</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.03 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Gross profit </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6,718,740</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6,567,784</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.04 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Operating expenses </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-961,818</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-1,569,438</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.04.01 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Selling expenses </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-604,108</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-481,978</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.04.02 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>General and administrative expenses </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-575,585</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-536,857</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.04.04 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Other operating income </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>719,177</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>48,821</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.04.05 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Other operating expenses </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-501,302</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-599,424</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.05 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Profit before finance income (costs) and taxes </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>5,756,922</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>4,998,346</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.06 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Finance income (costs) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-2,005,803</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-1,911,458</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.06.01 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Finance income </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>717,450</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>643,140</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.06.02 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Finance costs </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-2,723,253</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-2,554,598</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.06.02.01 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Net exchange gains (losses) on financial instruments </FONT></P></TD>

   <TD vAlign=bottom width="22%" noWrap align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>160,668&nbsp; </FONT></TD>

   <TD vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-354,145</FONT></P></FONT></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.06.02.02 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Finance costs </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-2,883,921</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-2,200,453</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.07 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Profit before taxes on income </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3,751,119</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3,086,888</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.08 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Income tax and social contribution </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-83,885</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-570,697</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.09 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Profit from continuing operations </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3,667,234</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,516,191</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.11 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Profit for the year </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3,667,234</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,516,191</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.11.01 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Attributed to owners of the Company </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3,706,033</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,516,376</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.11.02 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Attributed to non-controlling interests </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-38,799</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-185</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Earnings per share - (reais/share) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.99.01 &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Basic earnings per share </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.99.01.01 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Common shares </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2.54191</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1.72594</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.99.02 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Diluted earnings per share </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3.99.02.01 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Common shares </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2.54191</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1.72594</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: right">Page 13 of 110</P>

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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="100%" colSpan=5 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>Consolidated Financial Statements / Statement of Comprehensive Income</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="20%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="56%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(R$ thousand) </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="20%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="20%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Code </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Description </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>YTD Current Year</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>YTD Previous Year</FONT></B></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>01/01/2011 to 12/31/2011</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>01/01/2010 to 12/31/2010</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2011</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2010</FONT></I></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>4.01 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Profit for the year </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3,667,234</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,516,191</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>4.02 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Other comprehensive income </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-1,198,761</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>417,700</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>4.02.01 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Exchange differences arising on translation of foreign operations, net of taxes </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>195,046</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-69,270</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>4.02.02 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Actuarial gains/(losses) on defined benefit plan, net of taxes </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-74,331</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-28,603</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>4.02.03 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Net change in fair value of available-for-sale financial assets, net of taxes </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-621,312</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>515,573</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>4.02.04 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Net change in fair value of available-for-sale financial assets transferred to profit or loss </FONT></P></TD>

   <TD width="22%" noWrap align=right>&nbsp;<FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-698,164&nbsp;</FONT></TD>

   <TD width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="20%" noWrap><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></FONT></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>4.03 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Comprehensive income for the year </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,468,473</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,933,891</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>4.03.01 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Attributed to owners of the Company </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,507,272</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,934,076</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>4.03.02 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Attributed to non-controlling interests </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-38,799</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-185</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: right">Page 14 of 110</P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

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<a name="_bclHeader16"></a><DIV>

<P style="MARGIN: 0in 0in 0pt">&nbsp;</P></DIV>

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="100%" colSpan=5 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>Consolidated Financial Statements / Statement of Cash Flows &#8211; Indirect Method</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="20%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="56%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(R$ thousand) </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="20%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="20%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Code </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Description </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>YTD Current Year</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>YTD Previous Year</FONT></B></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>01/01/2011 to 12/31/2011</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>01/01/2010 to 12/31/2010</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Net cash generated by (used in) operating activities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>4,201,780</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,517,304</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.01.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Cash generated from operations</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6,461,926</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>5,290,828</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.01.01.01 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Profit for the year</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3,667,234</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,516,191</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.01.01.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Accrued charges on borrowings and financing</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,650,622</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,489,191</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.01.01.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Depreciation/ depletion / amortization </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>948,251</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>814,034</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.01.01.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Proceeds from write-off and disposal of assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>54,727</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>5,827</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.01.01.05</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Realization of available-for-sale investments</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-698,164</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.01.01.07</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Deferred income tax and social contribution</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-52,542</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>207,268</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.01.01.08</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Provision of swaps/forwards</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>110,009</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>126,492</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.01.01.10</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Provision for actuarial liabilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-11,412</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,393</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.01.01.11</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Provision for tax, social security, labor and civil risks</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>62,746</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>199,558</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.01.01.12</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Inflation adjustment and exchange differences</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-250,083</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>57,119</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.01.01.13</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Allowance for doubtful debts</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>189</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-46,675</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.01.01.14</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Other provisions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-19,651</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-80,570</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.01.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Increase (decrease) in assets and liabilities </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-2,260,146</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-2,773,524</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.01.02.01 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Trade receivables</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-339,427</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>143,250</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.01.02.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Inventories</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-410,264</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-794,331</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.01.02.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Receivables from related parties</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>471,666</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.01.02.05</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Recoverable taxes</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>16,700</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>297,424</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.01.02.06</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Trade payables</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>544,300</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>11,964</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.01.02.07</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Payroll and related taxes</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-47,072</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-36,757</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.01.02.08</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Taxes </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>135,765</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-101,723</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.01.02.09</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Taxes in installments - REFIS</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-296,304</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-414,473</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.01.02.12</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Judicial deposits</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-20,253</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-33,822</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.01.02.13</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Contingent liabilities </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>120,951</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>16,868</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.01.02.16</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Interest paid</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-2,145,400</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-1,190,423</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.01.02.17</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Interest on swap paid</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-360,976</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-676,163</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.01.02.18</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Other </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>70,168</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>4,662</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Net cash used in investing activities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-5,275,011</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-4,635,797</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.02.01 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Receipt/payment in derivative transactions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-57,157</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>395,346</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.02.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Disposal of investments</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,310,171</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.02.06</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Investments</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-2,126,493</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-1,370,016</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.02.07</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Property, plant and equipment</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-4,400,825</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-3,635,911</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.02.08</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Intangible assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-707</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-25,216</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Net cash generated by financing activities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>4,740,715</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>4,615,813</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.03.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Borrowings</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7,824,012</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>8,754,779</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.03.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Repayments to financial institutions - principal</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-1,469,206</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-2,706,982</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.03.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Dividends and interest on capital</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-1,856,381</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-1,560,795</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.03.06</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Capital contribution by non-controlling shareholders</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>242,290</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>128,811</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Exchange rate changes on cash and cash equivalents</FONT></P></TD>

   <TD width="22%" noWrap align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,510,631&nbsp; </FONT></TD>

   <TD width="2%" noWrap align=right>&nbsp;&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="20%" noWrap align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-228,833</FONT></P></FONT></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.05</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Increase (decrease) in cash and cash equivalents</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>5,178,115</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,268,487</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.05.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Cash and cash equivalents at the beginning of the year</FONT></P></TD>

   <TD width="22%" noWrap align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>10,239,278&nbsp; </FONT></TD>

   <TD width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="20%" noWrap align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7,970,791</FONT></P></FONT></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>6.05.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Cash and cash equivalents at the end of the year</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>15,417,393</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>10,239,278</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Consolidated Financial Statements / Statement of Changes in Shareholders&#8217; Equity &#8211; 1/1/2011 to 12/31/2011</FONT></B></P></TD>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="52%" colSpan=6 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>(R$ thousand)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>Code </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>Description </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>&nbsp;&nbsp;</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>Paid-in Capital</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>Capital Reserve</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>Earning Reserve</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>Retained earnings</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>Other comprehensive income</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><I><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>Equity</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>Non-Controling interests</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>Consolidated Equity</FONT></I></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>5.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>At December 31, 2010 </FONT></P></TD>

   <TD vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>1,680,947</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>30</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>6,119,798</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>-168,015</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>7,632,760</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>189,928</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>7,822,688</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>5.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Adjusted opening balances (Impact of restatement of prior years)</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" lang=EN-US face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>1,680,947</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>30</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>6,119,798</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>-168,015</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>7,632,760</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>189,928</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>7,822,688</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>5.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Capital transactions with shareholders</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=black face=arial,sans-serif>-954,211</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=black face=arial,sans-serif>-1,200,000</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=black face=arial,sans-serif>-2,154,211</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=black face=arial,sans-serif>-2,154,211</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>5.04.06</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>Dividends</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>-926,508</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>-926,508</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>-926,508</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>5.04.09</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>Additional dividends proposed</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>273,492</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>-273,492</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>5.04.10</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Approval of prior year&#8217;s proposed dividends</FONT></P></TD>

   <TD vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" lang=EN-US face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>-1,227,703</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>-1,227,703</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>-1,227,703</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>5.05</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Total comprehensive income</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=black face=arial,sans-serif>3,706,033</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=black face=arial,sans-serif>-1,198,761</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=black face=arial,sans-serif>2,507,272</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=black face=arial,sans-serif>-38,799</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=black face=arial,sans-serif>2,468,473</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>5.05.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>Profit for the year</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>3,706,033</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>3,706,033</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>-38,799</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>3,667,234</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>5.05.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>Other comprehensive income</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>-1,198,761</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>-1,198,761</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>-1,198,761</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>5.05.02.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Translation adjustments for the year</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" lang=EN-US face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>195,046</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>195,046</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>195,046</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>5.05.02.07</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Gain/loss on pension plan</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" lang=EN-US face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>-74,331</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>-74,331</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>-74,331</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>5.05.02.08</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>Available-for-sale assets</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>-621,312</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>-621,312</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>-621,312</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>5.05.02.09</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Sale of available-for-sale assets</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" lang=EN-US face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>-698,164</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>-698,164</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>-698,164</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>5.06</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Internal changes in equity</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=black face=arial,sans-serif>2,506,033</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=black face=arial,sans-serif>-2,506,033</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=black face=arial,sans-serif>280,220</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=black face=arial,sans-serif>280,220</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>5.06.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>Recognition of reserves</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=black face=arial,sans-serif>2,506,033</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=black face=arial,sans-serif>-2,506,033</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>5.06.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Non-controlling interests in subsidiaries</FONT></P></TD>

   <TD vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" lang=EN-US face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>280,220</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>280,220</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>5.07</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Balances At December 31, 2011</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=black face=arial,sans-serif>1,680,947</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=black face=arial,sans-serif>30</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=black face=arial,sans-serif>7,671,620</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=black face=arial,sans-serif>-1,366,776</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=black face=arial,sans-serif>7,985,821</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=black face=arial,sans-serif>431,349</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=black face=arial,sans-serif>8,417,170</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: right">Page 16 of 110</P>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Consolidated Financial Statements / Statement of Changes in Shareholders&#8217; Equity &#8211; 1/1/2010 to 12/31/2010</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>(R$ thousand)</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>Code </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>Description </FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>Paid-in Capital</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>Capital Reserve</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>Earning Reserve</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>Retained earnings</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>Other comprehensive income</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><I><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>Equity</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>Non-Controling interests</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>Consolidated Equity</FONT></I></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=black face=arial,sans-serif>5.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>At December 31, 2009</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>1,680,947</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>30</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>5,444,605</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>-33,417</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>-585,715</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>6,506,450</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>83,060</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>6,589,510</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=black face=arial,sans-serif>5.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Adjusted opening balances (Impact of restatement of prior years)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>1,680,947</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>30</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>5,444,605</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>-33,417</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>-585,715</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>6,506,450</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>83,060</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>6,589,510</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=black face=arial,sans-serif>5.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Capital transactions with shareholders</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=black face=arial,sans-serif>49,034</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=black face=arial,sans-serif>-1,856,800</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=black face=arial,sans-serif>-1,807,766</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=black face=arial,sans-serif>-1,807,766</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=black face=arial,sans-serif>5.04.06</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>Dividends</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>-272,297</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>-272,297</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>-272,297</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=black face=arial,sans-serif>5.04.07</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>Interest on capital</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>-356,800</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>-356,800</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>-356,800</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=black face=arial,sans-serif>5.04.08</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>Other capital transactions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>-34</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>-34</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>-34</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=black face=arial,sans-serif>5.04.09</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>Additional dividends proposed</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>1,227,703</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>-1,227,703</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=black face=arial,sans-serif>0</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=black face=arial,sans-serif>5.04.10</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Approval of prior year&#8217;s proposed dividends</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>-1,178,635</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>-1,178,635</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>-1,178,635</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=black face=arial,sans-serif>5.05</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>Total comprehensive income</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=black face=arial,sans-serif>2,516,376</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=black face=arial,sans-serif>417,700</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=black face=arial,sans-serif>2,934,076</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>-185</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>2,933,891</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=black face=arial,sans-serif>5.05.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>Profit for the year</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=black face=arial,sans-serif>2,516,376</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>2,516,376</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>-185</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>2,516,191</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=black face=arial,sans-serif>5.05.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>Other comprehensive income</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>417,700</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>417,700</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>417,700</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=black face=arial,sans-serif>5.05.02.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Translation adjustments for the year</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>-69,270</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>-69,270</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>-69,270</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=black face=arial,sans-serif>5.05.02.08</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>Available-for-sale assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>-28,603</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>-28,603</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=black face=arial,sans-serif>-28,603</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=black face=arial,sans-serif>5.05.02.09</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Sale of available-for-sale assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>515,573</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>515,573</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>515,573</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=black face=arial,sans-serif>5.06</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>Internal changes in equity</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=black face=arial,sans-serif>626,159</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=black face=arial,sans-serif>-626,159</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>107,053</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>107,053</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=black face=arial,sans-serif>5.06.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>Recognition of reserves</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=black face=arial,sans-serif>626,159</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=black face=arial,sans-serif>-626,159</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=black face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=black face=arial,sans-serif>0</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=black face=arial,sans-serif>5.06.05</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Interest in subsidiaries by non-controlling shareholders</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>128,811</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=black face=arial,sans-serif>128,811</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=black face=arial,sans-serif>5.06.06</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>percentage variation of non-controlling shareholders</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>-21,758</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>-21,758</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=black face=arial,sans-serif>5.07</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif>Balances At December 31, 2010</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>1,680,947</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>30</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=black face=arial,sans-serif>6,119,798</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=black face=arial,sans-serif>-168,015</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=black face=arial,sans-serif>7,632,760</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>189,928</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>7,822,688</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: right">Page 17 of 110</P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp;
<A name=page_19></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<a name="_bclHeader19"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="78%" colSpan=3 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>Consolidated Financial Statements / Statement of Value Added </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>(R$ thousand) </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Code </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Description </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>YTD Current Year</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>YTD Previous Year</FONT></B></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>01/01/2011 to 12/31/2011</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>01/01/2010 to 12/31/2010</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Revenues</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>20,157,662</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>17,038,272</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7.01.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Sales of products and services </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>19,525,854</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>17,054,701</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7.01.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Other revenues</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>632,798</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-11,707</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7.01.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Recognition/reversal of allowance for doubtful debts </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-990</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-4,722</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Inputs purchased from third parties</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-10,027,982</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-8,265,073</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7.02.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Costs of sales and services </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-8,591,341</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-6,950,839</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7.02.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Materials, eletric power, outside services and other</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-1,414,706</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-1,296,373</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7.02.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Impairment/recovery of assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-21,935</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-17,861</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Gross value added</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>10,129,680</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>8,773,199</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Retentions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-948,251</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-814,034</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7.04.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Depreciation, amortization and depletion</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-948,251</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-814,034</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7.05</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Wealth created</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>9,181,429</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7,959,165</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7.06</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Value added received as transfer</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,827,069</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>61,772</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7.06.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Finance income</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,817,667</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>57,692</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7.06.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Other</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>9,402</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>4,080</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7.07</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Wealth for distribution</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>12,008,498</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>8,020,937</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7.08</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Wealth distributed</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>12,008,498</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>8,020,937</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7.08.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Personnel </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,485,903</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,325,117</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7.08.01.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Salaries and wages</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,132,384</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>996,392</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7.08.01.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Benefits</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>270,825</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>254,569</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7.08.01.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Severance pay fund (FGTS) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>82,694</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>74,156</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7.08.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Taxes and fees</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,025,300</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,189,740</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7.08.02.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Federal</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,493,787</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,800,382</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7.08.02.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>State</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>505,185</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>355,556</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7.08.02.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Municipal</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>26,328</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>33,802</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7.08.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Lenders and lessors </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>4,830,061</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,989,889</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7.08.03.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Interest</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>4,820,991</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,967,259</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7.08.03.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Leases</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>9,070</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>22,630</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7.08.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Shareholders</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>3,667,234</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,516,191</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7.08.04.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Interest on capital</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>10,400</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>356,800</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7.08.04.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>Dividends </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>926,508</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>1,500,000</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7.08.04.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Retained earnings/(accumulated losses) for the year</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>2,769,125</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>659,576</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>7.08.04.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Non-controlling interests in retained earnings</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-38,799</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif>-185</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: right">Page 18 of 110</P>

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<a name="_bclHeader20"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>1 - THE COMPANY</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>CSN is a highly integrated company, with steel, mining, cement, logistics and energy businesses. The Company operates throughout the entire steel production chain, from the mining of iron ore to the production and sale of a diversified range of high value-added steel products, including coated and galvanized, as well as tin plate. Thanks to its integrated production system and exemplary management, CSN&#8217;s production costs are among the lowest in the global steel sector. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The Company&#8217;s mine, Casa de Pedra, located in Congonhas, Minas Gerais, supplies it with high-quality iron ore needed to produce steel. With proven and probable reserves of more than 1.6 billion tonnes, its current production capacity is 21 million tonnes per year.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Together with its jointly-owned subsidiary Namisa, CSN has been selling iron ore on the seaborne market since the beginning of 2007. It also operates two port terminals in Itagua&#237; (RJ), a bulk solids terminal (Tecar), from where iron ore is shipped to the seaborne market, and a container terminal (Sepetiba Tecon). With the expansion of the Casa de Pedra mine, CSN has been consolidating its position as an important player in the iron ore market, and is currently, in conjunction with Namisa, Brazil&#8217;s second-largest producer.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The complementary nature of the steel and cement industries led CSN to enter the cement market at the beginning of 2009, adding value to the slag generated by crude steel production. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt 0in"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=arial,sans-serif>The Company is also one of Brazil&#8217;s largest industrial electricity consumers and has been investing in power generation assets and projects since 1999 in order to ensure self-sufficiency. CSN&#8217;s average generating capacity of 428 MW is sufficient to meet all the Group&#8217;s electricity needs.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>2 &#8211; OUTLOOK, STRATEGIES AND INVESTMENTS</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=arial,sans-serif>CSN has been investing in modernizing its facilities in its five highly-integrated segments, as well as expanding production capacity, always seeking to maximize returns for its shareholders. In addition to investing in organic growth projects, the Company also analyzes opportunities for acquisitions and strategic alliances, both in Brazil and abroad.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>2.1 - STEEL</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-FAMILY: Arial; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US>In the flat steel segment, CSN has been expanding its service centers, investing in the expansion of the Porto Real unit, a Company branch focused on the automotive sector, as well as developing expansion projects for the pre-painting plant.</FONT></P><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%" lang=EN-US></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%" lang=EN-US>It has been diversifying its steel activities, entering the long steel segment through the construction of a plant in Volta Redonda, with a production capacity of 500,000 tonnes per year, including rebar and wire rods. The Company </FONT><FONT style="LINE-HEIGHT: 116%" lang=EN-US>is also studying the feasibility of building </FONT><FONT style="LINE-HEIGHT: 116%" lang=EN-US>another two long steel plants with a similar capacity, reaching 1.5 million tonnes per year.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 120%" lang=EN-US></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 120%" lang=EN-US>The Company also has two subsidiaries abroad, CSN LLC, in Terre Haute, Indiana, U.S.A., which is a cold-rolling and galvanizing plant, and Lusosider, in Paio Pires, Portugal, which also produces coated rolled steel. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 120%" lang=EN-US></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%" lang=EN-US>CSN is considering expanding its steel production through new plants and the expansion of existing ones, as well as acquisitions, both in Brazil and abroad. In January 2012, CSN acquired Stahlwerk Th&#252;ringen GmbH (SWT), a manufacturer of steel profiles, and Gallardo Sections S.L.U, both located in Germany. SWT has an annual steel production capacity of 1.1 million tonnes and specializes in </FONT><FONT style="LINE-HEIGHT: 116%" lang=EN-US>profiles to be used in </FONT><FONT style="LINE-HEIGHT: 116%" lang=EN-US>stadiums, buildings, bridges, viaducts, footbridges, foundations, sheds and overhead cranes, among others. It is exceptionally well-located, enjoys low raw material costs and has access to both developed and emerging markets. The total value of the transaction was &#8364;482.5 million.</FONT></P></FONT>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>At the same time, the Company has been developing important projects in the pursuit of operational excellence and lower costs, exemplified by the installation of new coke batteries, aiming at self-sufficiency, and the alteration of the Presidente Vargas Steelworks power feed from 138KV to 500KV, increasing the stability of the system and reducing energy transmission costs. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>2.2 <FONT style="FONT-SIZE: 9pt" face=Arial>- </FONT>MINING</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 120%; FONT-FAMILY: Arial; FONT-SIZE: 9pt" lang=EN-US>CSN is Brazil&#8217;s second largest iron ore exporter. In 2011, finished iron ore product sales from the Casa de Pedra and Namisa mines totaled 29.3 million tonnes, 16% more than the previous yearand a new record. The Company also produced </FONT><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt"><FONT style="LINE-HEIGHT: 120%; BACKGROUND: white" lang=EN-US>6.8 million</FONT><FONT style="LINE-HEIGHT: 120%" lang=EN-US> tonnes of iron ore for its own consumption.</FONT></FONT></P><FONT style="FONT-FAMILY: Arial"><FONT style="FONT-SIZE: 9pt">

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 120%" lang=EN-US></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 120%; FONT-WEIGHT: normal" lang=EN-US>CSN is implementing expansion projects at both the Casa de Pedra and Namisa mines in order to reach a total annual production capacity of 89 million tonnes, 50 million of which from Casa de Pedra, with Namisa supplying the rest, including volumes </FONT><FONT style="LINE-HEIGHT: 120%; FONT-WEIGHT: normal" lang=EN-US>purchased from third-parties and the</FONT><FONT style="LINE-HEIGHT: 120%; FONT-WEIGHT: normal" lang=EN-US> concentration and pelletizing operations.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 120%; FONT-WEIGHT: normal" lang=EN-US></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 120%; FONT-WEIGHT: normal" lang=EN-US>At the same time, CSN is expanding Tecar, its bulk solids terminal in Itagua&#237; Port, in order to reach an annual iron ore shipment capacity of 84 million tonnes.</FONT></P></FONT>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>2.3 - CEMENT</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>In 2009, CSN Cimentos opened its first factory in Volta Redonda, with an annual capacity of 2.4 million tonnes. In 2011, the Company began producing clinker at the Arcos unit in Minas Gerais, with an annual capacity of 830,000 tonnes, to supply the Volta Redonda cement facility.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Given the expected growth of the domestic cement market, CSN Cimentos plans to expand its current grinding capacity of 2.4 million tonnes per year to 5.4 million tonnes, as well as increase its clinker production capacity from 830,000 to 3.0 million tonnes per year. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>2.4&nbsp;<FONT style="FONT-SIZE: 9pt" face=Arial>-</FONT> LOGISTICS</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><I><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Ports </FONT></I></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Sepetiba Tecon, managed by CSN, is a hub port for cargo and is one of the biggest container terminals in Rio de Janeiro and one of the largest in its segment in Brazil.</FONT></P>

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<H4 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" face=Arial,sans-serif>In order to expand the terminal, the Company is investing in infrastructure, including the equalization of Berth 301 and the acquisition of new equipment. </FONT></H4>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><I><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Railways</FONT></I></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>CSN retains an interest in two rail companies: MRS Log&#237;stica and Transnordestina Log&#237;stica S.A. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>MRS</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>CSN holds, directly and indirectly, a 33.27% voting-capital interest in MRS Log&#237;stica, which operates the former Southeastern Network of the Federal Railways (RFFSA), in the Rio de Janeiro - S&#227;o Paulo - Belo Horizonte corridor.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>MRS&#8217; rail services are vital for the supply of raw materials and the outflow of finished products. It transports all the iron ore for export and all the coal and coke consumed by the Presidente Vargas Steelworks, as well as some of CSN&#8217;s steel and cement output. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>TRANSNORDESTINA</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>With the support of the federal government, Transnordestina Log&#237;stica S.A (TLSA) is building Nova Transnordestina, a 1,728 km-long railway connecting the rail terminal in Eliseu Martins (PI) to the Ports of Suape (PE) and Pec&#233;m (CE), crossing several cities in the states of Piau&#237;, Pernambuco and Cear&#225;. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The railway&#8217;s projected annual operating capacity of 30 million tonnes will play a crucial role in the development of the Northeast and provide logistical support for the region's economic expansion, in the oil and by-product, grain, mining and agricultural sectors, among others. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>CSN&#8217;s interest in TLSA&#8217;s capital stock totaled 70.91% at the end of 2011.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=arial,sans-serif>A complete account of investments in affiliated companies and subsidiaries, in addition to the changes that occurred during the fiscal year, can be found in Note 11 to the Company&#8217;s financial statements. </FONT></P>

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<H4 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" face=Arial,sans-serif>3- CORPORATE GOVERNANCE</FONT></B></H4>

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<H4 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" face=Arial,sans-serif>Investor Relations</FONT></B></H4>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In 2011, CSN continued to expand its communications with the capital market, improving investors&#8217; perception of its basic fundamentals and helping reduce funding costs. Regarding participation in conferences, road shows, meetings and conference calls, the Company took part in 325 meetings in all, involving some 600 analysts and investors. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Capital Stock </FONT></B></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CSN is controlled by Vicunha Siderurgia S.A. and Rio Iaco Participa&#231;&#245;es S.A., which retain 47.86% and 3.99% of the Company&#8217;s total capital, respectively. Management is exercised by the Board of Directors and Board of Executive Officers.</FONT></P>

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<P style="MARGIN: 0in 175.95pt 0pt 0in"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>* Controlling&nbsp;Group</FONT></P>

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<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>All of CSN&#8217;s shares are common shares, each share representing one vote at Shareholders&#8217; Meetings; </FONT></H4>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>More than 45% of CSN&#8217;s shares are traded on the stock markets,&nbsp;<FONT style="FONT-SIZE: 9pt" face=Arial>mainly</FONT> the BOVESPA and the NYSE.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Annual Shareholders&#8217; Meeting</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Shareholders&#8217; Meeting, the Company&#8217;s sovereign body, takes place once a year, in accordance with the prevailing legislation, to elect the members of the Board of Directors, examine management&#8217;s accounts and the financial statements, and decide on the allocation of annual net income and the payment of dividends, among other matters. </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Whenever necessary, Extraordinary Shareholders&#8217; Meetings may be called to decide on specific issues that are not within the normal scope of the Annual Meeting</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>.&nbsp;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Board of Directors</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The Board of Directors is composed of between seven (7) and eleven (11) members, who meet on a routine basis on pre-established dates throughout the year and on an extraordinary basis whenever necessary. Members are elected for a one-year term of office, re-election being permitted.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Its role is to define and monitor the Company&#8217;s policies and strategies, oversee the activities of the Board of Executive Officers and decide on matters relevant to the Company&#8217;s businesses and operations. The Board of Directors is also responsible for electing the executive officers and may, if necessary, constitute special advisory committees to help in the execution of these duties.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Board of Executive Officers</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The Board of Executive Officers is responsible for the day-to-day management of the business in line with the strategies and policies established by the Board of Directors. It currently comprises six officers, including the Chief Executive Officer. Board of Executive Officers' meetings take place whenever necessary, called by the CEO or two other Executive Officers. Each officer is responsible for conducting the business of his respective area. Officers are elected for a two-year term, re-election being permitted.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Audit Committee</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The Audit Committee has autonomy to make decisions on all matters concerning Sections 301 and 407 of the Sarbanes-Oxley Act. Its main responsibilities include reviewing, analyzing and making recommendations to the Board of Directors on matters concerning the indication, hiring and compensation of the external auditors, as well as supervising the internal and external audits. Regarding the hiring of external auditors, special procedures are adopted to ensure that there are no conflicts of interest, dependence or loss of objectivity on the auditors&#8217; side in their relations with the Company.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Internal Audit</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>CSN maintains an internal auditor, which acts independently within the organization to assist and communicate material facts to the Board of Directors, the Audit Committee and the Board of Executive Officers. This internal auditor is responsible for ensuring the appropriate allocation of resources and protecting the assets of the CSN Group companies, providing support for compliance with the planned results, upgrading processes and internal controls in order to enhance financial and operating performance, as well as preventing the risk of losses or fraud and, consequently, any damage to CSN&#8217;s corporate image.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Independent Auditors</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The independent auditors, KPMG Auditores Independentes, who provided auditing services to CSN and its subsidiaries in 2011, were also hired to perform services in addition to those related to the audit of the financial statements. It is the belief of both the Company and its independent auditors that these services, essentially appraisal reports, technical support and reviews of income tax declarations, do not affect the latter&#8217;s independence.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></I></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><U><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Audit fees</FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Refers to the audit of the annual financial statements and the review of the Company&#8217;s quarterly reports.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT size=2></FONT>&nbsp;</P>

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<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><U><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Audit-related fees</FONT></U></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Refers to the preparation and issue of comfort letters for bonds issued by the Company&#8217;s subsidiaries abroad.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT face=Arial></FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><U><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Tax service fees</FONT></U></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Services related to the review of income tax declarations and other tax consultancy services.&nbsp;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><B><I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;</FONT></I></B></P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="85%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#c0c0c0 width="85%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(In thousands of Reais)</FONT>&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="15%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="85%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Audit fees</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>2,654</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="85%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Audit-related fees</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>285</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="85%" align=left><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>Tax service fees</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>142</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#c0c0c0 width="85%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="15%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,081</FONT></B>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></I></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Services other than the examination of the financial statements are submitted for prior approval to the Audit Committee in order to ensure that, based on the pertinent legislation, they do not represent a conflict of interest or jeopardize the auditors&#8217; independence or objectivity.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></I></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>In accordance with CVM Instruction 480/09, on March 26, 2012, the Board of Executive Officers declared that they had discussed, reviewed, and were in full agreement with the opinions expressed in the independent auditors&#8217; report and with the financial statements for the fiscal year ended December 31, 2011.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></I></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Sarbanes-Oxley Law</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The Company is in the final stage of certification of internal controls related to the 2011 Consolidated Financial Statements (CSN and its subsidiaries), in compliance with Section 404 of the Sarbanes-Oxley Act (SOx). </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>In 2011, tests were carried out to evaluate the effectiveness of internal controls in CSN (Presidente Vargas Steelworks, Casa de Pedra mine and CSN Porto Real), CSN Cimentos, CSN LLC, CSN Export, CSN Europe, Prada (distribution and packaging), and Transnordestina Log&#237;stica S.A - TLSA, which are companies considered significant for SOx Certification. The evaluations of these companies began in August 2011. The managers of each process were responsible for carrying out the tests and monitoring existing points.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>It is important to emphasize that the financial, entity level and accounts preparation and disclosure processes are corporate in nature, including all CSN companies except NAMISA, which has its own structure for executing these processes and activities.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Code of Ethics</FONT></B></P>

<H6 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</H6>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>CSN has adopted a Code of Ethics since 1998, which was revised, updated and redistributed to all of the CSN Group&#8217;s employees in 2011. The code is normally delivered to members of staff in corporate integration training courses.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The Code of Ethics for the Group&#8217;s companies details the standards of personal and professional conduct expected of its employees in their relations with co-workers, clients, shareholders, suppliers, communities and competitors, as well as the environment, and also contains a declaration of our corporate conduct and our commitment to our employees. Its content is in the public domain and is available at </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=EN-US color=windowtext face=arial,sans-serif>www.csn.com.br</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>.&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>One aspect that has been a permanent feature of the Code since its inception is the rules governing &#8220;Trading in the Company&#8217;s Shares&#8221;, based on CVM Instruction 358/2002.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Disclosure of Material Acts and Facts</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>CSN maintains a Material Act or Fact Disclosure Policy, which determines that all such disclosures must contain information that is accurate, consistent, appropriate, transparent, unified and within the proper timeframes, in accordance with CVM Instruction 358/2002, and Section 409 of the Sarbanes-Oxley Act &#8211; Real Time Issuer Disclosure. All material acts or facts are disclosed in Brazil (BOVESPA) and the United States (NYSE), where the Company&#8217;s shares are traded.</FONT></P>

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<H4 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" face=Arial,sans-serif>4 &#8211; INNOVATION</FONT></B></H4>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>In order to meet new demand and market expectations, CSN constantly invests in the development of innovative projects in order to provide its clients with creative product and service solutions. This pioneering attitude, together with the restructuring of its production chain with its most important clients, are among the Company&#8217;s main strategies for consolidating market share growth.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>As Brazil&#8217;s leading producer of high value-added coated flat steel products, CSN invests in innovation and the continuous improvement of its production procedures, developing new products and applications to meet the market&#8217;s current and future needs. In 2011, the Company invested around R$57 million in R&amp;D activities. </FONT></P>

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<H4 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" face=Arial,sans-serif>5 - PEOPLE</FONT></B></H4>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CSN has a people management model based on five pillars &#8211; Attract; Align and Engage; Evaluate; Develop; Recognize and Reward &#8211; and invests in projects aimed at professional development and improvement, thereby contributing to the growth of the organization and its people.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>In 2011, CSN, which has around 20,000 employees, directed its HR initiatives towards recognizing and developing the skills of its workers in order to ensure the Group&#8217;s growth requirements and sustain the business.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>One of the year&#8217;s highlights was the launch of the Leadership School, which seeks to strengthen the corporate culture, align knowledge and create synergies among the Group&#8217;s executives. In addition to propagating the competency management model, which is in full accordance with the Company&#8217;s strategic pillars, it aims to ensure sustainable leadership, based on the Organization&#8217;s mission, vision and values. </FONT></P>

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<H4 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" face=Arial,sans-serif>6 - SOCIAL RESPONSIBILITY</FONT></B></H4>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CSN&#8217;s social responsibility is developed in partnership with government and civil society and is aimed at valuing the potential of each region where the Company operates and their respective communities. In 2011, the CSN Foundation celebrated its 50th anniversary, focusing on socially responsible policies and social and economic development. Between 2006 and 2011, investments in education, health, culture and sport totaled close to R$93 million. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>These investments are carried out through the sponsorship of cultural and sporting projects of other entities and companies, selected and approved by the tax incentive mechanisms, as well as the Foundation&#8217;s own initiatives.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The beneficiaries in 2011 included the musical &#8220;Fiddler on the Roof&#8221;, the University of S&#227;o Paulo&#8217;s Brazilian Library collection exhibition at the Pinacoteca, the Villa-Lobos Superstar project and the Voices of Peace Choir.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>CSN also supported projects by NGOs registered with various Municipal Councils for Children and Teenagers&#8217; Rights, focusing on helping at-risk youngsters, including the APAE, which helps the mentally handicapped, the AACD, which focuses on the physically disabled, and the Instituto Deco 20, which concentrates on the socially vulnerable.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<H4 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" face=Arial,sans-serif>7 - ENVIRONMENTAL RESPONSIBILITY </FONT></B></H4>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Sustainability is one of the pillars of CSN&#8217;s business strategy, and concern for the environment is an integral part of its mission and values. The Company does everything possible to improve its social and environmental processes, in order to consolidate sustainable initiatives for local and regional development. All of its main units have received ISO 14,001 environmental certification and it is constantly striving to integrate its activities in this area, eliminating waste and optimizing energy efficiency and the use of natural resources. The Company&#8217;s Sustainability Council issues guidelines to ensure that sustainability permeates every area of the Company. </FONT></P>

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<H4 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" face=Arial,sans-serif>8 - DISCLAIMER </FONT></B></H4>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Certain of the statements contained herein are forward-looking statements and projections, which express or imply results, performance or events that are expected in the future. Actual results, performance or events may differ materially from those expressed or implied by the forward-looking statements as a result of several factors, including general and economic conditions in Brazil and in other countries, interest rate and exchange rate levels, future renegotiations and prepayment of foreign-currency liabilities or loans, protectionist measures in Brazil, the United States and other countries, changes in laws and regulations and general competitive factorson a regional, national or global basis.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CSN&#8217;s financial information presented herein is in accordance with international financial reporting standards (IFRS) issued by the International Accounting Standards Board (IASB), and with the accounting practices adopted in Brazil. Non-financial information, as well as other operating information, has not been audited by the independent auditors.</FONT></P>

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<a name="_bclHeader27"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(expressed In thousands of reais &#8211; R$, unless otherwise stated)</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>1.</FONT></B><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>DESCRIPTION OF BUSINESS</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Companhia Sider&#250;rgica Nacional is a publicly-held company incorporated on April 9, 1941, under the laws of the Federative Republic of Brazil (Companhia Sider&#250;rgica Nacional, its subsidiaries and jointly controlled entities collectively referred to herein as "CSN" or the &#8220;Company&#8221;).The Company&#8217;s registered office social is located at Avenida Brigadeiro Faria Lima, 3400 &#8211; S&#227;o Paulo, SP.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>CSN is a Company with shares listed on the S&#227;o Paulo Stock Exchange (BOVESPA) and the New York Stock Exchange (NYSE).&nbsp; Accordingly, it reports its information to the Brazilian Securities Commission (CVM) and the U.S. Securities and Exchange Commission (SEC).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The main operating activities of CSN are divided into 5 (five) segments as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV style="BORDER-BOTTOM: yellow 1pt; BORDER-LEFT: yellow 1pt; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: yellow 1pt; BORDER-RIGHT: yellow 1pt; PADDING-TOP: 0in">

<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: justify; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 14.2pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Steel:</FONT></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company&#8217;s main industrial facility is the Presidente Vargas Steel Mill (&#8220;UPV&#8221;), located in the city of Volta Redonda, State of Rio de Janeiro. This segment consolidates the operations related to the production, distribution and sale of flat steel, metallic packaging and galvanized steel. In addition to the facilities in Brazil, CSN has operations in the United States and Portugal aimed at gaining markets and performing excellent services for final consumers. Its steels are used in the home appliances, civil construction and automobile industries.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV style="BORDER-BOTTOM: yellow 1pt; BORDER-LEFT: yellow 1pt; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: yellow 1pt; BORDER-RIGHT: yellow 1pt; PADDING-TOP: 0in">

<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: justify; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 14.2pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Mining:</FONT></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The production of iron ore is developed in the city of Congonhas, in the State of Minas Gerais. It further mines tin in the State of Rond&#244;nia to supply the needs of UPV, with the excess of these raw materials being sold to subsidiaries and third parties.CSN holds a concession to operate TECAR, a solid bulk maritime terminal, of the 4 (four) terminals that form the Itagua&#237; Port, located in Rio de Janeiro. Importations of coal and coke are carried out through this terminal.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV style="BORDER-BOTTOM: yellow 1pt; BORDER-LEFT: yellow 1pt; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: yellow 1pt; BORDER-RIGHT: yellow 1pt; PADDING-TOP: 0in">

<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: justify; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 14.2pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Cement:</FONT></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company entered the cement market boosted by the synergy between this new activity and its already existing businesses. Next to the Presidente Vargas Steel Mill in Volta Redonda (RJ), it installed a new business unit: CSN Cimentos, which produces CP-III type cement by using slag produced by the UPV blast furnaces in Volta Redonda. In 2011, the clinker used in manufacturing the cement was purchased from third parties, however, at the end of 2011, with the completion of the first stage of the Clinker plant in Arcos, MG, this plant already supplied the milling needs of CSN Cimentos in Volta Redonda. Explores also limestone and dolomito Arches drive in the State of Minas Gerais, to feed the needs of UPV and CSN Cement, and the surplus of such raw materials is sold to subsidiaries and third parties.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>During 2011, the Clinker used in the manufacture of cement was purchased from third parties, however, by the end of 2011, with the completion of the first stage of the Clinker plant in Arcos (MG), this has already filled the needs of grinding of Cement located in Volta Redonda, CSN.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV style="BORDER-BOTTOM: yellow 1pt; BORDER-LEFT: yellow 1pt; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: yellow 1pt; BORDER-RIGHT: yellow 1pt; PADDING-TOP: 0in">

<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: justify; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 14.2pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Logistics:</FONT></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><I><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Railroads:</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CSN has equity interests in two railroad companies: MRS Log&#237;stica, which manages the former Southeast Network of Rede Ferrovi&#225;ria Federal S.A. (RFFSA), and Transnordestina Log&#237;stica, which operates the former Northeast Network of the RFFSA in the states of Maranh&#227;o, Piau&#237;, Cear&#225;, Rio Grande do Norte, Para&#237;ba, Pernambuco and Alagoas.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><I><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Ports</FONT></I><B><I><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>:&nbsp;</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P></DIV>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>In the State
of Rio de Janeiro, the Company operates the Container Terminal known as Sepetiba
Tecon at the Itagua&#237; Port. Located in the Bay of Sepetiba, this port has
privileged highway, railroad and maritime access.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Tecon
handles the shipments of CSN steel products, movement of containers, as well as
storage, consolidation and deconsolidation of cargo.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<DIV style="BORDER-BOTTOM: yellow 1pt; BORDER-LEFT: yellow 1pt; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: yellow 1pt; BORDER-RIGHT: yellow 1pt; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: justify; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 14.2pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Energy:</FONT></B></P></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>As energy is
fundamental in its production process, the Company has invested in assets for
generation of electric power to guarantee its self-sufficiency.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>For further
details on strategic investments in the Company&#8217;s segments, see Note 27 &#8211;
Business Segment Reporting.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<DIV style="BORDER-BOTTOM: yellow 1pt; BORDER-LEFT: yellow 1pt; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: yellow 1pt; BORDER-RIGHT: yellow 1pt; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: justify; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>2.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES</FONT></B></P></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<DIV style="BORDER-BOTTOM: yellow 1pt; BORDER-LEFT: yellow 1pt; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: yellow 1pt; BORDER-RIGHT: yellow 1pt; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: left; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=left><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(a)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Basis of preparation</FONT></B></P></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>The
consolidated financial statements have been prepared and are being presented in
accordance with International Financial Reporting Standards (IFRS) issued by the
International Accounting Standards Board (IASB) and the corresponding standards
issued by the CPC (Accounting Pronouncements Committee) and the CVM (Brazilian
Securities Commission) applicable to the preparation of the financial
statements. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>The
individual financial statements have been prepared in accordance with the
standards issued by the CPC (Accounting Pronouncements Committee) and the CVM
(Brazilian Securities Commission) applicable to the preparation of the financial
statements.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>The
preparation of financial statements in conformity with IFRS requires the use of
certain critical accounting estimates. It also requires management to exercise
its judgment in the process of applying the Company&#8217;s accounting policies. The
areas involving a higher degree of judgment or complexity, or areas where
assumptions and estimates are significant to the consolidated financial
statements, are disclosed in the notes to this report and refer to the allowance
for doubtful debts, provision for inventory losses, provision for labor, civil,
tax, environmental and social security risks, depreciation, amortization,
depletion, provision for impairment, deferred taxes, financial instruments and
employee benefits.&nbsp; Actual results may differ from these
estimates.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>The
financial statements are presented in thousands of reais (R$). Depending on the
applicable IFRS standard, the measurement criterion used in preparing the
financial statements considers the historical cost, net realizable value, fair
value or recoverable amount. When both IFRSs and CPCs include the option between
acquisition cost and any other measurement criterion (for example, systematic
remeasurement), we used the cost criterion.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Some balances for the financial year 2010 were
reclassified to permit a better comparability with 2011.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The
individual and consolidated financial statements were approved by the Board of
Directors and authorized for issue on March 26, 2012</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=blue face=arial,sans-serif>.&nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(b)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Consolidated financial statements</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The accounting policies have been consistently applied to
all consolidated companies.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>The
consolidated financial statements for the years ended December 31, 2011 and 2010
include the following direct and indirect subsidiaries and jointly-controlled
subsidiaries, as well as the exclusive funds Diplic and Mugen:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: right">Page 27 of 110</P>
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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_29></A>
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<a name="_bclHeader29"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Companies</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt">&nbsp;</P></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 0px; BORDER-COLLAPSE: collapse" border=0 cellSpacing=0 cellPadding=0>

  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="37%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" colSpan=3>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Equity
      interest (%)</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="46%" noWrap>&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="37%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Companies</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>12/31/2011</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>12/31/2010</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="46%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Main
      activities</FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="37%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="46%" noWrap>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="37%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Direct
      interest: full consolidation</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="1%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="46%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="37%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>CSN
      Islands VII Corp.</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="46%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Financial transactions</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="37%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>CSN
      Islands VIII Corp.</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="1%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="46%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Financial transactions</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="37%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>CSN
      Islands IX Corp.</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="46%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Financial transactions</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="37%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>CSN
      Islands X Corp.</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="1%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="46%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Financial transactions</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="37%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>CSN
      Islands XI Corp.</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="46%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Financial transactions</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="37%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>CSN
      Islands XII Corp.</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="1%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
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  <TR>
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      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Tangua
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    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="46%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Financial transactions</FONT></P></TD></TR>
  <TR>
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      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="1%" noWrap align=right>
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      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="1%" noWrap>
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      transactions</FONT></P></TD></TR>
  <TR>
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      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>CSN
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    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="46%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Equity
      interests</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="37%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>CSN Export Europe, S.L. (2)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="1%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="46%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Financial transactions, product sales and equity
      interests</FONT></P></TD></TR>
  <TR>
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      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>CSN
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    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="46%" noWrap>
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      </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="37%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>CSN
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    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="1%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00
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    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="1%" noWrap>
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    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="46%" noWrap>
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  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="37%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>CSN
      Steel S.L. (5)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00
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    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="46%" noWrap>
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      </FONT></P></TD></TR>
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      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
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      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00
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    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="1%" noWrap align=right>
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      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00
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    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="46%" noWrap>
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      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>99.99
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  <TR>
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  <TR>
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  <TR>
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      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
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      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>99.99
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      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>
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  <TR>
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      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>99.99
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      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>
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    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>99.99
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="1%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>99.99
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="46%" noWrap>
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      electric power</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="37%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Transnordestina Log&#237;stica S.A.</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>70.91
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>76.45
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="46%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Railroad
      logistics</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="37%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="1%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="46%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="37%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Indirect
      interest: full consolidation</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="46%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="37%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>CSN
      Aceros S.A.</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="1%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="46%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Equity
      interests</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="37%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Companhia Siderurgica Nacional LLC</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="46%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Steel</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="37%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>CSN
      Europe Lda.(7)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="1%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="46%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Financial transactions, product sales and equity
      interests</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="37%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>CSN
      Ib&#233;ria Lda.</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="46%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Financial transactions and equity
      interests</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="37%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>CSN
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    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="1%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="1%" noWrap>
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    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="46%" noWrap>
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  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="37%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Lusosider Projectos Sider&#250;rgicos S.A.</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="46%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Equity
      interests</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="37%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Lusosider A&#231;os Planos, S. A.</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>99.94
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="1%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>99.94
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="46%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Steel
      and equity interests</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="37%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>CSN
      Acquisitions, Ltd.</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="46%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Financial transactions and equity
      interests</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="37%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>CSN
      Resources S.A.(9)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="1%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="46%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Financial transactions and equity
      interests</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="37%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>CSN
      Finance UK Ltd </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="46%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Financial transactions and equity
      interests</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="37%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>CSN
      Holdings UK Ltd </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="1%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="46%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Financial transactions and equity
      interests</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" vAlign=bottom width="37%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>CSN
      Handel GmbH(10)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>100.00
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="46%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Financial transactions, product sales and equity
      interests</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="37%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Itamambuca Participa&#231;&#245;es S. A. - merged by CSN
      Cimentos em 5/30/2011</FONT></P></TD>
    <TD width="1%" noWrap>&nbsp;</TD>
    <TD width="7%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>99.99
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="46%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Mining
      and equity interests</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" vAlign=bottom width="37%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Companhia Brasileira de Latas (11)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>59.17
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="46%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Sale of cans and containers in general and equity
      interests</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="37%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Rimet
      Empreendimentos Industriais e Comerciais S. A.(11)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>58.08
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="46%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Production and sale of steel containers and
      forestry</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" vAlign=bottom width="37%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Companhia de Embalagens Met&#225;licas MMSA
      (11)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>58.98
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="46%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Production and sale of cans and related
      activities</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="37%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Empresa
      de Embalagens Met&#225;licas - LBM Ltda. (11)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>58.98
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="46%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Sales of containers and holding interests in other
      entities</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" vAlign=bottom width="37%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Empresa
      de Embalagens Met&#225;licas - MUD Ltda. (11)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>58.98
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="46%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Production and sale of household appliances and
      related products</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="37%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Empresa
      de Embalagens Met&#225;licas - MTM do Nordeste (11)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>58.98
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="46%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Production and sale of cans and related
      activities</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" vAlign=bottom width="37%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Companhia de Embalagens Met&#225;licas - MTM
      (11)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>58.98
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="46%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Production and sale of cans and related
      activities</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="37%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="46%" noWrap>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="37%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Direct
      interest: proportionate consolidation</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="46%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="37%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Nacional
      Min&#233;rios S.A.</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>60.00
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="1%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>60.00
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="46%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Mining
      and equity interests</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="37%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>It&#225;
      Energ&#233;tica S.A.</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>48.75
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>48.75
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="46%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Generation of electric power</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="37%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>MRS
      Log&#237;stica S.A.</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>27.27
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="1%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>22.93
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="46%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Railroad
      transportation</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="37%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Cons&#243;rcio da Usina Hidrel&#233;trica de
      Igarapava</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>17.92
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>17.92
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="46%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Electric
      power consortium</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="37%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Aceros
      Del Orinoco S.A.</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>22.73
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="1%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>22.73
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="46%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Dormant
      company</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="37%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>CBSI -
      Companhia Brasileira de Servi&#231;os de Infraestrutura (12)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>50.00
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="46%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Provision of services</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="37%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="46%" noWrap>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="37%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Indirect
      interest: proportionate consolidation</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="46%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="37%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Namisa
      International Minerios SLU </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>60.00
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>60.00
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="46%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Equity
      interests and sales of products and minerals</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="37%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Namisa
      Europe, Unipessoal Lda.</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>60.00
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>60.00
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="46%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Equity
      interests and sales of products and minerals</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="37%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>MRS
      Log&#237;stica S.A.</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>6.00
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>10.34
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="46%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Railroad
      transportation</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="37%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Aceros
      Del Orinoco S.A.</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>9.08
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>9.08
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="46%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Dormant
      company</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="37%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Aloadus
      Handel GmbH (10)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>60.00
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="46%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Financial transactions, product sales and equity
      interests</FONT></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 18.75pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(1)</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>New corporate name of CSN Energy S.&#224;.r.l., changed on
December 15, 2010.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 18.75pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(2)</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>New corporate name of CSN Export S.&#224;.r.l., changed on
August 9, 2011.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 18.75pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(3)</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>New corporate name of CSN Overseas S.&#224;.r.l., changed on
December 15, 2010.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 18.75pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(4)</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>New corporate name of CSN Panam&#225; S.&#224;.r.l., changed on
December 15, 2010.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 18.75pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(5)</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>New corporate name of CSN Steel S.&#224;.r.l., changed on
December 17, 2010.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 18.75pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(6)</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>New corporate name of Itagua&#237; Log&#237;stica S.A., changed on
December 27, 2010.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 18.75pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(7)</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>New corporate name of CSN Madeira Lda., changed on January
8, 2010.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 18.75pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(8)</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>New corporate name of Hickory-Com&#233;rcio Internacional e
Servi&#231;os Lda., changed on January 8, 2010.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 18.75pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(9)</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>New corporate name of CSN Cement S.&#224;.r.l., changed on June
18, 2010.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 18.75pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(10)</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Companies that became subsidiaries on November 3,
2011.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 18.75pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(11)</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Companies that became subsidiaries on July 12,
2011.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 18.75pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(12)</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Equity interest acquired on December 5, 2011.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 18.75pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: right">Page 28 of 110</P>
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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_30></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader30"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Exclusive funds</FONT></B></P></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>

  <TR>
    <TD width="55%"></TD>
    <TD width="1%"></TD>
    <TD width="14%"></TD>
    <TD width="1%"></TD>
    <TD width="14%"></TD>
    <TD width="1%"></TD>
    <TD width="14%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="55%" align=left>&nbsp;</TD>
    <TD width="1%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="29%" colSpan=3 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Interest
    held</FONT></B>&nbsp;</TD>
    <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD width="14%" align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="55%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Exclusive
    funds</FONT></B>&nbsp;</TD>
    <TD width="1%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12/31/2011</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12/31/2010</FONT></B>&nbsp;</TD>
    <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Main
    activities</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f8f8f8 width="55%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Direct interest: full
      consolidation</FONT></B>&nbsp;</TD>
    <TD bgColor=#f8f8f8 width="1%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
    <TD bgColor=#f8f8f8 width="14%" align=left>&nbsp;</TD>
    <TD bgColor=#f8f8f8 width="1%" align=left></TD>
    <TD bgColor=#f8f8f8 width="14%" align=left>&nbsp;</TD>
    <TD bgColor=#f8f8f8 width="1%" align=left></TD>
    <TD bgColor=#f8f8f8 width="14%" align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>DIPLIC - Fundo de investimento
      multimercado</FONT>&nbsp;</TD>
    <TD width="1%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100,00</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100,00</FONT>&nbsp;</TD>
    <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
    <TD width="14%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Investment fund</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f8f8f8 width="55%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Mugen - Fundo de investimento
      multimercado</FONT>&nbsp;</TD>
    <TD bgColor=#f8f8f8 width="1%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
    <TD bgColor=#f8f8f8 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100,00</FONT>&nbsp;</TD>
    <TD bgColor=#f8f8f8 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
    <TD bgColor=#f8f8f8 width="14%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100,00</FONT>&nbsp;</TD>
    <TD bgColor=#f8f8f8 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
    <TD bgColor=#f8f8f8 width="14%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Investment
  fund</FONT>&nbsp;</TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In preparing the consolidated financial statements the
following consolidation procedures have been applied:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Unrealized
gains on transactions with subsidiaries and jointly controlled entities are
eliminated to the extent of CSN&#8217;s equity interests in the related entity in the
consolidation process. Unrealized losses are eliminated in the same manner as
unrealized gains, although only to the extent that there are indications of
impairment. The base date of the financial statements of the subsidiaries,
jointly controlled entities and a</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>ffiliated companies </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>is the same as that of the Company, and their accounting
policies are in line with the policies adopted by the Company.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Subsidiaries</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Subsidiaries
are all entities (including special purpose entities) over which the Company has
the power to determine the financial and operating policies, generally
accompanying a shareholding of more than one half of the voting rights. The
existence and effect of potential voting rights that are actually exercisable or
convertible are taken into consideration when assessing whether the Company
controls another entity. Subsidiaries are fully consolidated from the date when
control is transferred to the Company and are deconsolidated from the date when
such control ceases.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Joint controlled entities</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>The
financial statements of jointly controlled entities are included in the
consolidated financial statements from the date when shared control starts
through the date when shared control ceases to exist. Jointly controlled
entities are proportionately consolidated.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Transactions and non-controlling interests</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>The Company
treats transactions with non-controlling interests as transactions with owners
of Company equity. For purchases from non-controlling interests, the difference
between any consideration paid and the relevant share acquired of the carrying
value of net assets of the subsidiary is recorded in equity. Gains and losses on
disposals to non-controlling interests are also recognized directly in equity,
in line item &#8220;Valuation adjustments to equity&#8221;.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>When the
Company no longer holds control, any retained interest in the entity is
remeasured to its fair value, with the change in the carrying amount recognized
in profit or loss. The fair value is the initial carrying amount for the
purposes of subsequently accounting for the retained interest as an associate,
joint venture or financial asset. In addition, any amounts previously recognized
in other comprehensive income in respect of that entity are accounted for as if
the Company had directly disposed of the related assets or liabilities. This
mean that amounts previously recognized in other comprehensive income are
reclassified to profit or loss.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(c)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Individual financial statements</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>In the
individual financial statements, interests in subsidiaries and jointly
controlled entities are accounted for by the equity method of accounting. The
same adjustments are made both to the individual financial statements and the
consolidated financial statements. In the case of CSN, the accounting practices
adopted in Brazil, applied to the individual financial statements, differ from
IFRS applicable to the separate financial statements only with respect to the
measurement of investments in subsidiaries and associates by the equity method
of accounting, which under IFRSs must be measured at cost or fair
value.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: right">Page 29 of 110</P>
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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_31></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader31"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: left; TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt" align=left><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(d)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Foreign currencies</FONT></B></P>
<P style="TEXT-ALIGN: left; TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt" align=left>&nbsp;</P></DIV>
<P style="TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>i.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Functional and presentation currency</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Items included in the financial statements of each one of
the Company&#8217;s subsidiaries are measured using the currency of the primary
economic environment in which the subsidiary operates (&#8220;functional
currency&#8221;).The consolidated financial statements are presented in Brazilian
reais (R$), which is the Company&#8217;s functional currency and the Group&#8217;s
presentation currency.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>ii.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Balances and transactions</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Transactions in foreign currencies are translated into the
functional currency using the exchange rates in effect at the dates of the
transactions or valuation on which items are remeasured. Foreign exchange gains
and losses resulting from the settlement of these transactions and from the
translation at exchange rates in effect as as of December 31, 2011 of monetary
assets and liabilities denominated in foreign currencies are recognized in the
income statement, except when they are recognized in equity as qualifying cash
flow hedges and qualifying net investment hedges.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The asset and liability balances are translated at the
exchange rate in effect at the end of the reporting period. As of December 31,
2011, US$1 is equivalent to R$1.8758 (R$1.6662 as of December 31, 2010),
EUR&nbsp;1 is equivalent to R$2.4342 (R$2.2280 as of December 31, 2010), A$1 is
equivalent to R$1.9116 (R$1.6959 as of December 31, 2010) and JPY&nbsp;1 is
equivalent to R$0.02431 (R$0.0205 as of December 31, 2010).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>All other foreign exchange gains and losses, including
foreign exchange gains and losses related to loans and cash and cash
equivalents, are presented in the income statement as finance income or
costs.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Changes in the fair value of monetary securities
denominated in foreign currency, classified as available-for-sale, are
segregated into translation differences resulting from changes in the amortized
cost of the security and other changes in the carrying amount of the security.
Exchange differences related to changes in amortized cost are recognized in
profit or loss, and other changes in the carrying amount are recognized in
equity.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0in 0in 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Exchange differences on non-monetary financial assets and
liabilities classified as measured at fair value through profit or loss are
recognized in profit or loss as part of the gain or loss on the fair value.
Exchange differences on non-monetary financial assets, such as investments in
shares classified as available-for-sale, are included in comprehensive income in
equity.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>iii.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Group companies</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The results and
financial position of all the Group&#8217;s entities (none of which has the currency
of a hyper-inflationary economy) that have a functional currency different from
the reporting currency are translated into the reporting currency as
follows:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 21.3pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Assets and liabilities in each balance sheet presented
have been translated at the exchange rate at the end of the reporting
period.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 21.3pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 21.3pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Income and
expenses of each income statement are translated at average exchange rates
(unless this average is not a reasonable approximation of the cumulative effect
of the rates in effect at the transaction dates, in which case income and
expenses are translated at the rate in effect at the transaction dates);
and</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 21.3pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>All resulting exchange differences are recognized as a
separate component in other comprehensive income.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>On consolidation,
exchange differences resulting from the translation of monetary items with
characteristics of net investment in foreign operations are recognized in
equity. When a foreign operation is partly disposed of or sold, exchange
differences previously recorded in other comprehensive income are recognized in
the income statement as part of the gain or loss on sale.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: right">Page 30 of 110</P>
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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_32></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader32"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(e)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Cash and cash equivalents</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Cash and
cash equivalents include cash on hand and in banks and other short-term highly
liquid investments redeemable within 90 days from the end of the reporting
period, readily convertible into a known amount of cash and subject to an
insignificant risk of change in value. Certificates of deposit that can be
redeemed at any time without penalties are considered as cash
equivalents.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(f)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Trade receivables</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Trade
receivables are initially recognized at fair value, including the related taxes
and expenses. Foreign currency-denominated trade receivables are adjusted at the
exchange rate in effect at the end of the reporting period. The allowance for
doubtful debts was recognized in an amount considered sufficient to cover any
losses. Management&#8217;s assessment takes into consideration the customer&#8217;s history
and financial position, as well as the opinion of our legal counsel regarding
the collection of these receivables for recognizing the allowance.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(g)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Inventories</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Inventories
are stated at the lower of cost and net realizable value. Cost is determined
using the weighted average cost method on the acquisition of raw materials. The
costs of finished products and work in process comprise raw materials, labor and
other direct costs (based on the normal production capacity). Net realizable
value represents the estimated selling price in the normal course of business,
less estimated </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>costs of completion and costs necessary to make the sale.
Losses for slow-moving or obsolete inventories are recognized when considered
appropriate. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Stockpiled inventories are accounted for as processed when
removed from the mine. The cost of finished products comprises all direct costs
necessary to transform stockpiled inventories into finished products.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(h)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Investments</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Investments
in subsidiaries, jointly controlled entities and associates are accounted for by
the equity method of accounting and are initially recognized at cost. The gains
or losses are recognized in profit or loss as operating revenue (or expenses) in
the individual financial statements. In the case of foreign exchange differences
arising on translating foreign investments that have a functional currency
different from the Company&#8217;s, changes in investments due exclusively to foreign
exchange differences, as well as adjustments to pension plans and
available-for-sale investments that impact the subsidiaries&#8217; equity, are
recognized in line item &#8220;Cumulative translation adjustments&#8221;, in the Company&#8217;s
equity, and are only recognized in profit or loss when the investment is
disposed of or written off due to impairment loss. Other investments are
recognized and maintained at cost or fair value.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>When necessary, the accounting policies of subsidiaries
and jointly controlled entities are changed to ensure consistency and uniformity
of criteria with the policies adopted by the Company.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(i)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Business combination</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>The
acquisition method is used to account for each business combination conducted by
the Company. The consideration transferred for acquiring a subsidiary is the
fair value of the assets transferred, liabilities incurred and equity
instruments issued by the Company. The consideration transferred includes the
fair value of any asset or liability resulting from a contingent consideration
arrangement, where applicable. Acquisition-related costs are recognized in
profit or loss, as incurred. Identifiable assets acquired and liabilities
assumed in a business combination are initially measured at their fair values at
the acquisition date. The Company recognizes non-controlling interests in the
acquiree according to the proportional non-controlling interest held in the fair
value of the acquiree&#8217;s new assets (see note 3).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: right">Page 31 of 110</P>
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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_33></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader33"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(j)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Property, plant and equipment</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Property, plant and
equipment are carried at cost of acquisition, formation or construction, less
accumulated depreciation or depletion and any impairment loss. Depreciation is
calculated under the </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>straight-line method based on the remaining economic
useful economic lives of assets, as mentioned in note 12. The depletion of mines
is calculated based on the quantity of ore mined. Land is not depreciated since
it is useful life is considered indefinite. However, if the tangible assets are
mine-specific, they are depreciated over the economic useful lives for such
assets. The Company recognizes in the carrying amount of property, plant and
equipment the cost of replacement, reducing the carrying amount of the part that
it is replacing if it is probable that future economic benefits embodied therein
will revert to the Company, and if the cost of the asset can be reliably
measured. All other disbursements are expensed as incurred. Borrowing costs
related to funds obtained for construction in progress are capitalized until
these projects are completed.</FONT></P></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>If some components of property, plant and
equipment have different useful lives, these components are separately
recognized as property, plant and equipment items.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Gains
and losses on disposal are determined by comparing the sale value less the
residual value and are recognized in &#8216;Other operating income
(expenses)&#8217;.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Mineral rights acquired are classified as other assets in
property, plant and equipment.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Exploration
expenditures are recognized as expenses until the viability of mining activities
is established; after this period subsequent development costs are capitalized.
Exploration and valuation expeditures include:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 21.3pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Research and analysis of
exploration area historical data;</FONT></P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 21.3pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Topographic, geological,
geochemical and geophysical studies;</FONT></P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 21.3pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Determine the mineral
asset&#8217;s volume and quality/ grade of deposits;</FONT></P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 21.3pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Examine and test the
extraction processes and methods;</FONT></P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 21.3pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Topographic surveys of
transportation and infrastructure needs;</FONT></P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 21.3pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Market studies and
financial studies.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>The costs
for the development of new mineral deposits or capacity expansion in mines in
operations are capitalized and amortized using the produced (extracted) units
method based on the probable and proven ore quantities.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The development stage includes:</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 21.3pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Drillings to define the
ore body;</FONT></P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 21.3pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Access and draining
plans;</FONT></P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 21.3pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Advance removal of
overburden (top soil and waste material removed prior to initial mining of the
ore body) and waste material (non-economic material that is intermingled with
the ore body). This is often referred to as stripping</FONT><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">.&nbsp;</FONT></U></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Stripping costs (the
costs associated with the removal of overburdened and other waste materials)
incurred during the development of a mine, before production commences, are
capitalized as part of the depreciable cost of developing the property. Such
costs are subsequently amortized over the useful life of the mine based on
proven and probable reserves.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Post-production
stripping costs are included in the cost of the inventory produced (that is
extracted), at each mine individually during the period that stripping costs are
incurred.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>The Company
holds spare parts that will be used to replace parts of property, plant and
equipment and that will increase the asset&#8217;s useful life and the useful life of
which exceeds 12 months</FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>.&nbsp;</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>These parts are classified in property, plant and
equipment and not in inventories.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: right">Page 32 of 110</P>
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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_34></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader34"></a><DIV>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(k)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Intangible assets</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt"><STRONG><FONT face=Arial></FONT></STRONG>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Intangible
assets comprise assets acquired from third parties, including through business
combinations and/or those internally generated.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>These assets
are recognized at cost of acquisition or formation, less amortization calculated
on a straight-line basis based on the exploration or recovery
periods.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Intangible
assets with indefinite useful lives and goodwill based on expected future
profitability are not amortized.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0in 14.2pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Goodwill</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Goodwill represents the positive difference between the
amount paid and/or payable for the acquisition of a business and the net fair
values of the assets and liabilities of the acquiree. Goodwill on acquisitions
of subsidiaries is recognized as &#8216;Intangible assets&#8217; in the consolidated
financial statements. Negative goodwill is recognized as a gain in profit for
the period at the acquisition date. Goodwill is annually tested for impairment.
Impairment losses on goodwill are not reversed. Gains and losses on the disposal
of a Cash-Generating Unit (CGU) include the carrying amount of goodwill related
to the CGU sold.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Goodwill is allocated to CGUs for impairment testing
purposes. The allocation is made to Cash-Generating Units or groups of
Cash-Generating Units that are expected to benefit from the business combination
from which the goodwill arose, and the unit is not greater than the operating
segment.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0in 14.2pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Software</FONT></B></P>
<P style="MARGIN: 0in 0in 0in 14.2pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Software licenses purchased are capitalized based on the
costs incurred to purchase the software and make it ready for use. These costs
are amortized on a straight-line basis over the estimated economic useful
lives.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(l)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Impairment of non-financial assets</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Assets with infinite useful lives, such as goodwill, are
not subject to amortization and are annually tested for impairment. Assets
subject to amortization are tested for impairment when whenever events or
changes in circumstances indicate that their carrying amounts may not be
recoverable. An impairment loss is recognized at the amount by which the
carrying amount of an asset exceeds its recoverable amount. The recoverable
amount is the higher of the fair value of an asset less costs to sell and its
value in use. For impairment testing purposes, assets are grouped at their
lowest levels for which there are separately identifiable cash flows (Cash
Generating Units - CGUs). Non-financial assets, except goodwill, that are
considered impaired are subsequently reviewed for possible reversal of the
impairment at the reporting date.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(m)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Employee benefits</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0in 14.2pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>i.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Employee benefits</FONT></B></P>
<P style="MARGIN: 0in 0in 0in 24pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Defined contribution plans</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>A defined
contribution plan is as a post-employment benefit plan whereby an entity pays
fixed contributions to a separate entity (pension fund) and will not have any
legal or constructive obligation to pay additional amounts. Obligations for
contributions to defined contribution pension plans are recognized as employee
benefit expenses in the income statement for the periods during which services
are provided by employees. Contributions paid in advance are recognized as an
asset on condition that either cash reimbursement or reduction in future
payments is available. Contributions to a defined contribution plan that is
expected to mature twelve (12) months after the end of the period in which the
employee provides services are discounted to their present
values.</FONT></P></DIV>
<P style="TEXT-ALIGN: right">Page 33 of 110</P>
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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_35></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader35"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Defined benefit plans</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P></DIV>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>A defined
benefit plan is a post-employment benefit plan other than a defined contribution
plan. The Company&#8217;s net obligation regarding defined pension benefit plans is
calculated individually for each plan by estimating the value of the future
benefit that the employees accrue as return for services provided in the current
period and in prior periods; such benefit is discounted to its present value.
Any unrecognized costs of past services and the fair values of any plan assets
are deducted. The discount rate is the yield presented at the end of the
reporting period for top line debt securities whose maturity dates approximate
the terms and conditions of the Company&#8217;s obligations and which are denominated
in the same currency as the one in which it is expected that the benefits will
be paid. The calculation is made annually by a qualified actuary using the
projected unit credit method. When the calculation results in a benefit for the
Company, the asset to be recognized is limited to the total amount of any
unrecognized costs of past services and the present value of the economic
benefits available in the form of future plan reimbursements or reduction in
future contributions to the plan. In calculating the present value of economic
benefits, consideration is given to any minimum funding requirements that apply
to any Company plan. An economic benefit is available to the Company if it is
realizable during the life of the plan or upon settlement of the plan&#8217;s
liabilities.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Some of the
Company&#8217;s entities offered a postretirement healthcare benefit to its employees.
The right to these benefits is usually contingent to their remaining in
employment until the retirement age and the completion of the minimum length of
service. The expected costs of these benefits are accumulated during the
employment period, and were calculated using the same accounting method used for
defined benefit pension plans. These obligations are annually evaluated by
qualified independent actuaries.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>When the
benefits of a plan are increased, the portion of the increased benefit related
to past services of employees is recognized on a straight-line basis over the
average period until the benefits become vested. When the benefits become
immediately vested, the expense is recognized in profit or loss.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>The Company
has chosen to recognize all the actuarial gains and losses resulting from
defined benefit plans immediately in other comprehensive income and only
registered in income statement if the plan is extinguished.</FONT></P>
<P style="MARGIN: 0in 0in 0in 14.2pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0in 14.2pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>ii.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Profit sharing and bonus</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Employee profit sharing
and executives&#8217; variable compensation are linked to the achievement of operating
and financial targets. The Company recognizes a liability and an expense
substantially allocated to production cost and, where applicable, to general and
administrative expenses when such goals are met.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(n)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Provisions</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Provisions are
recognized when: (i)&nbsp;the Company has a present legal or constructive
obligation as a result of past events, (ii)&nbsp;it is probable that an outflow
of resources will be required to settle a present obligation, and (iii)&nbsp;the
amount can be reliably measured. Provisions are determined discounting the
expected future cash flows based on a pre-tax discount rate that reflects
current market assessments of the time value of money and, where appropriate,
the specific risks of the liability.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(o)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Concessions</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company has government concessions and their payments
are classified as operating leases.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(p)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Share capital</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 24pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Common shares are
classified in equity.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Incremental costs
directly attributable to the issue of new shares or options are shown in equity
as a deduction from the proceeds, net of taxes.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>When any Group company
buys Company shares (treasury shares), the amount paid, including any directly
attributable additional costs (net of income tax), is deducted from equity
attributable to owners of the Company until the shares are canceled or reissued.
When these shares are subsequently reissued, <FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>any amount received, net of any directly
attributable additional transaction costs and the related income tax and social
contribution effects, is included in equity attributable to owners of the
Company.</FONT></FONT> </P></DIV>
<P style="TEXT-ALIGN: right">Page 34 of 110</P>
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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_36></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader36"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(q)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Revenue recognition</FONT></B></P></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Operating
revenue from the sale of goods in the normal course of business is measured at
the fair value of the consideration received or receivable. Revenue is
recognized when there is convincing evidence that the most significant risks and
rewards of ownership of goods have been transferred to the buyer, it is probable
that future economic benefits will flow to the entity, the associated costs and
possible return of goods can be reliably estimated, there is no continued
involvement with the goods sold, and the amount of the operating revenue can be
reliably measured. If it is probable that discounts will be granted and the
value thereof can be reliably measured, then the discount is recognized as a
reduction of the operating revenue as sales are recognized. Revenue from
services provided is recognized as it is realized.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>The
appropriate timing for transfer of risks and rewards varies depending on the
individual terms and conditions of the sales contract. For international sales,
this timing depends on the type of term of the contract.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(r)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Finance income and finance costs</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=blue face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Finance
income includes interest income from funds invested (including
available-for-sale financial assets), dividend income (except for dividends
received from investees accounted for under the equity method in Company), gains
on disposal of available-for-sale financial assets, changes in the fair value of
financial assets measured at fair value through profit or loss, and gains on
hedging instruments that are recognized in profit or loss. Interest income is
recognized in profit or loss under the effective interest method. Dividend
income is recognized in profit or loss when the Company&#8217;s right to receive
payment has been established. Distributions received from investees accounted
for by the equity method reduce the investment value.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Finance
costs comprise interest expenses on borrowings, net of the discount to present
value of the provisions, dividends on preferred shares classified as
liabilities, losses in the fair value of financial instruments measured at fair
value through profit or loss, impairment losses recognized in financial assets,
and losses on hedging instruments that are recognized in profit or loss.
Borrowing costs that are not directly attributable to the acquisition,
construction or production of a qualifying asset are measured through profit or
loss under the effective interest method.</FONT></P>
<P style="MARGIN: 0in 1.45pt 0pt 0in"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 1.45pt 0pt 0in"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Foreign exchange gains and losses are reported on a net
basis.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(s)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Income tax and social contribution</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Current and
deferred income tax and social contribution are calculated based on the tax law
enacted or substantially enacted by the end of the reporting period, including
in the countries where the Group entities operate and generate taxable profit.
Management periodically assesses the positions assumed in the tax calculations
with respect to situations where applicable tax regulations are open to
interpretations. The Company recognizes provisions, when appropriate, based on
the estimated payments to tax authorities.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>The income
tax and social contribution expense comprises current and deferred taxes. The
current and deferred taxes are recognized in profit or loss unless they are
related to business combinations or items directly recognized in
equity.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: right">Page 35 of 110</P>
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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
&nbsp; <A name="page_37"></A>

<a name="_bclHeader37"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Current tax is the expected tax payable or receivable on taxable profit or loss for the year at tax rates that have been enacted or substantially enacted by the end of the reporting period and any adjustment to taxes payable in relation to prior years.</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT face=Arial></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax is not recognized for the following temporary differences: initial recognition of assets and liabilities in a transaction that is not a business combination and does not affect either the accounting or taxable profit or loss, and differences associated with investments in subsidiaries and controlled entities when it is probable that they will not reverse in the foreseeable future. Moreover, a deferred tax liability is not recognized for taxable temporary differences resulting in the initial recognition of goodwill. The deferred tax is measured at the rates that are expected to be applied on temporary differences when they reverse, based on the laws that have been enacted or substantially enacted by the end of the reporting period.</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT face=Arial></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Current income tax and social contribution are carried at their net amounts by the taxpayer, in liabilities when there amounts payable or in assets when prepaid amounts exceed the total amount due at the end of the reporting period.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority on the same entity subject to taxation.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 1.45pt 0pt 0in; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>A deferred income tax and social contribution asset is recognized for all tax losses, tax credits, and temporary differences to the extent that it is probable that taxable profits will be available against which those tax losses, tax credits, and deductible temporary differences can be utilized.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 1.45pt 0pt 0in; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Deferred income tax and social contribution assets are reviewed at the end of each reporting period and reduced to the extent that their realization is no longer probable.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(t)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Earnings per share</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Basic earnings per share are calculated by means of the profit for the year attributable to owners of the Company and the weighted average number of common shares outstanding in the related period. Diluted earnings per share are calculated by means of the average number of shares outstanding, adjusted by instruments potentially convertible into shares, with diluting effect, in the reported periods. The Company does not have any instruments potentially convertible into shares and, accordingly, diluted earnings per share are equal to basic earnings per share.</FONT></P>

<P style="MARGIN: 0in 0in 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(u)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Environmental and restoration costs</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The Company recognizes a provision for the costs of recovery of areas and fines when a loss is probable and the amounts of the related costs can be reliably measured. Generally, the period for providing for the amount to be used in recovery coincides with the end of a feasibility study or the commitment to adopt a formal action plan.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Expenses related to compliance with environmental regulations are charged to profit or loss or capitalized, as appropriate. Capitalization is considered appropriate when the expenses refer to items that will continue to benefit the Company and that are basically related to the acquisition and installation of equipment to control and/or prevent pollution.</FONT></P>

<P style="MARGIN: 0in 0in 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(v)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Research and development </FONT></B></P>

<P style="MARGIN: 0in 0in 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>All these costs are recognized in the income statement when incurred, except when they meet the criteria for capitalization. Expenditures on research and development of new products for the year ended December 31, 2011 amounted to R$6,532 (R$4,314 for the year ended December 31, 2010).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: right">Page 36 of 110</P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
&nbsp; <A name=page_38></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader38"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(w)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Financial instruments</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>i)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Financial assets</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Financial
assets are classified into following categories: measured at fair value through
profit or loss, loans and receivables, held-to-maturity, and available-for-
sale. The classification depends on the purpose for which the financial assets
were acquired. Management determines the classification of its financial assets
at the time of initial recognition.</FONT></P></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Financial assets at fair value through profit or
loss</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Financial
assets at fair value through profit or loss are financial assets held for active
and frequent trading. Derivatives are also categorized as held for trading and,
accordingly, are classified in this category unless they have been designed as
cash flow hedging instruments. Assets in this category are classified in current
assets.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Loans and receivables</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>This
category include loans and receivables that are non-derivative financial assets
with fixed or determinable payments not quoted in an active market. They are
included in current assets, except those with maturity of more than 12 months
after the end of the reporting period (which are classified as non-current
assets).Loans and receivables include loans to associates, trade receivables and
cash and cash equivalents, except short-term investments. Cash and cash
equivalents are recognized at fair value. Loans and receivables are carried at
amortized cost using the effective interest method.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Held-to-maturity assets</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>These are
basically financial assets acquired with the positive intent and ability to hold
to maturity. Held-to-maturity investments are initially recognized at their
value plus any directly attributable transaction costs. Subsequent to initial
recognition, they are measured at amortized cost using the effective interest
method, less any impairment loss.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Available-for-sale financial assets</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>These are
non-derivative financial assets, designated as available-for-sale, that are not
classified in any other category. They are included in non-current assets when
they are strategic investments of the Company, unless Management intends to
dispose of the investment within up to 12 months from the end of the reporting
period. Available-for-sale financial assets are recognized at fair
value.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Recognition and measurement</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Regular
purchases and sales of financial assets are recognized at the trading date - the
date on which the Company undertakes to buy or sell the asset. Investments are
initially recognized at their fair value, plus transaction costs for all
financial assets not classified as at fair value through profit or loss.
Financial assets at fair value through profit or loss are initially recognized
at their fair value and the transaction costs are charged to the income
statement. Financial assets are derecognized when the rights to receive cash
flows from the investments have expired or have been transferred, in the latter
case, provided that the Company has transferred significantly all risks and
rewards of ownership. Available-for-sale financial assets and financial assets
at fair value through profit or loss are subsequently carried at fair value.
Loans and receivables are carried at amortized cost using the effective interest
method.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Gains or
losses resulting from changes in the fair value of financial assets at fair
value through profit or loss are presented in the income statement under
&#8220;finance income&#8221; in the period in which they arise. Dividend income from
financial assets at fair value through profit or loss is recognized in the
income statement as part of other finance income when the Company&#8217;s right to
receive the dividends has been established.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Changes in
the fair value of monetary securities denominated in a foreign currency and
classified as available-for-sale are segregated into translation differences
resulting from changes in the amortized cost of the security and other changes
in the carrying amount of the security. Exchange differences on monetary
securities are recognized in profit or loss, while exchange differences on
non-monetary securities are recognized in equity. Changes in the fair value of
monetary and non-monetary securities classified as available-for-sale are
recognized in other comprehensive income and are only recognized in profit or
loss when the investment is sold or written off as a loss.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: right">Page 37 of 110</P>
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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_39></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader39"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Interest on
available-for-sale securities, calculated under the effective interest method,
is recognized in the income statement as part of other income. Dividends from
available-for-sale equity instruments, such as shares, are recognized in the
income statement as part of other finance income when the Company&#8217;s right to
receive payments has been established.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>The fair
values of publicly quoted investments are based on current purchase prices. If
the market for a financial asset (and for instruments not listed on a stock
exchange) is not active, the Company establishes the fair value by using
valuation techniques. These techniques include the use of recent transactions
contracted with third parties, reference to other instruments that are
substantially similar, analysis of discounted cash flows, and pricing models
that make maximum use of market inputs and relies as little as possible on
entity-specific inputs.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>ii)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Impairment of financial assets</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>The Company
assesses at the end of each reporting period whether there is objective evidence
that a financial asset or a group of financial assets is </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>impaired</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>.&nbsp;</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Assets measured at amortized cost</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>A financial
asset or a group of financial assets is impaired and impairment losses are
incurred only if there is objective evidence of impairment as a result of one or
more events that occurred after the initial recognition of the asset (a &#8220;loss
event&#8221;) and such loss event (or events) has an impact on the estimated future
cash flows of the financial asset or group of financial assets that can be
reliably estimated.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>The criteria
used by CSN to determine whether there is objective evidence of an impairment
loss include:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0in 14.2pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>significant
financial difficulty of the issuer or counterparty;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 14.2pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0in 14.2pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>a breach of contract, such as default or delinquency in
interest or principal payments;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 14.2pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0in 14.2pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>the issue, for economic or legal reasons relating to the
borrower&#8217;s financial difficulty, grants to the borrower a concession that the
lender would not otherwise consider;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 14.2pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0in 14.2pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>it becoming probable that the borrower will enter
bankruptcy or other financial reorganization;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 14.2pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0in 14.2pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>the disappearance of an active market for that financial
asset because of financial difficulties; or</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 14.2pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0in 14.2pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>observable
data indicating that there is a measurable decrease in the estimated future cash
flows from a portfolio of financial assets since the initial recognition of such
assets, although the decrease cannot yet be identified with the individual
financial assets in the portfolio, including:</FONT></P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; TEXT-INDENT: 14.2pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>- adverse
changes in the payment status of borrowers in the portfolio;</FONT></P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; TEXT-INDENT: 14.2pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>- national
or local economic conditions that correlate with defaults on the assets in the
portfolio.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>The amount
of the loss is measured as the difference between the carrying amount of the
asset and the present value of estimated future cash flows (excluding future
credit losses that have not been incurred) discounted at the original effective
interest rate of the financial asset. The carrying amount of the asset is
reduced and the amount of the loss is recognized in the income statement. If a
loan or held-to-maturity investment has a variable interest rate, the discount
rate to measure an impairment loss is the current effective interest rate
determined pursuant to the contract. As a practical expedient, the Company may
measure impairment on the basis of an instrument&#8217;s fair value using an
observable market price.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>If, in a
subsequent period, the amount of the impairment loss decreases and the decrease
can be related objectively to an event occurring after the impairment was
recognized (such as an improvement in the debtor&#8217;s credit rating), the
previously recognized impairment loss is reversed and recognized in the
consolidated income statement.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: right">Page 38 of 110</P>
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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_40></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader40"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Assets classified as
available-for-sale</FONT></B></P></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>In the case
of equity securities classified as available-for-sale, a significant or
prolonged decline in the fair value of an investment in an equity instrument
below its cost is also objective evidence of impairment. Determining what is
considered a &#8220;significant&#8221; or &#8220;prolonged&#8221; decline requires judgment. For this
judgment we assess, among other factors, the historical changes in the equity
prices, the duration and proportion in which the fair value of the investment is
lower than its cost, and the financial health and short-term prospects of the
business for the investee, including factors such as: industry and segment
performance, changes in technology, and operating and financial cash flows. If
there is any of this evidence of impairment of available-for-sale financial
assets, the cumulative loss&#8212;measured as the difference between the acquisition
cost and the current fair value, less any impairment loss on the financial asset
previously recorded in profit or loss&#8212;is reclassified from equity and recognized
in the income statement. If, in a subsequent period, the fair value of a debt
instrument classified as available-for-sale increases and the increase can be
objectively related to an event occurring after the impairment loss was
recognized in profit or loss, the impairment loss is reversed through the income
statement.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>CSN tested
for impairment its available-for-sale investment in Usiminas shares (see note
15).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>iii)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Financial liabilities</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Financial
liabilities are classified into the following categories: measured at fair value
through profit or loss and other financial liabilities. Management determines
the classification of its financial liabilities at the time of initial
recognition.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0in 14.2pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Financial liabilities at fair value through
profit or loss</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 14.2pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Financial liabilities at fair value through profit or loss
are financial liabilities held for trading or designated as at fair value
through profit or loss.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Derivatives are also classified as trading securities,
unless they have been designated as effective hedging instruments.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0in 14.2pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Other financial liabilities</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Other
financial liabilities are measured at amortized cost using the effective
interest method.</FONT></P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>The Company
holds the following non-derivative financial liabilities: borrowings, financing
and debentures, and trade payables.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Offsetting financial instruments</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Financial
assets and financial liabilities are offset and the net amount is reported in
the balance sheet when there is a legally enforceable right to set off
recognized amounts and the intention to either settle them on a net basis or to
realize the asset and settle the liability simultaneously.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>iv)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Derivative instruments and hedging
activities</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Derivatives measured at fair value through profit or
loss</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Certain
derivative instruments do not qualify for hedge accounting. Changes in the fair
value of any of these derivative instruments are immediately recognized in the
income statement under &#8220;Other gains (losses), net&#8221;.</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif> Even though the Company uses derivatives for hedging
purposes, it does not apply hedge accounting.</FONT></P></DIV>
<P style="TEXT-ALIGN: right">Page 39 of 110</P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name=page_41></A>
<P></P>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader41"></a><DIV>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Foreign exchange gains or losses on foreign
operations</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Any gain or
loss on the instrument related to the effective portion is recognized in equity.
The gain or loss related to the ineffective portion is immediately recognized in
the income statement under &#8220;Other gains (losses), net&#8221;.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT size=2></FONT>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Gains and
losses accumulated in equity are included in the income statement when the
foreign operation is partially disposed of or sold.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(x)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Segment information</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>An operating
segment is a component of the Group committed to the business activities from
which it can obtain revenues and incur expenses, including revenues and expenses
related to transactions with any other components of the Group. All the
operating results of operating segments are reviewed regularly by the Executive
Officers of CSN to make decisions regarding funds to be allocated to the segment
and assessment of its performance, and for which there is distinct financial
information available (see Note 27).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(y)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Government grants</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Government
grants are not recognized until there is reasonable assurance that the Company
will comply with the conditions attaching to them and that the grants will be
received, when they will be recognized in profit or loss on a systematic basis
over the periods in which the Company recognizes as expenses the related costs
the grants are intended to compensate.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 25.5pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>The Company
has state tax incentives in the North and Northeast regions that are recognized
in profit or loss as a reduction of the corresponding costs, expenses and
taxes.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(z)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>New
standards and interpretations issued and not yet adopted</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Several standards, amendments and IFRS interpretations
issued by the IASB have not yet become effective for the year ended December 31,
2011, as follows:</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 100%; MARGIN-LEFT: 0pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none" border=0 cellSpacing=0 cellPadding=0>

  <TR style="HEIGHT: 14.2pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt dotted; BORDER-LEFT: windowtext 1pt dotted; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; BORDER-TOP: windowtext 1pt dotted; BORDER-RIGHT: windowtext 1pt dotted; PADDING-TOP: 0in" width="20%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 1.45pt 0pt 0in" align=center><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" color=black face=arial,sans-serif>Standard</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt dotted; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; BORDER-TOP: windowtext 1pt dotted; BORDER-RIGHT: windowtext 1pt dotted; PADDING-TOP: 0in" width="60%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 1.45pt 0pt 0in" align=center><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" color=black face=arial,sans-serif>Description</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt dotted; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; BORDER-TOP: windowtext 1pt dotted; BORDER-RIGHT: windowtext 1pt dotted; PADDING-TOP: 0in" width="20%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 1.45pt 0pt 0in" align=center><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" color=black face=arial,sans-serif>Effective date</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 14.2pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt dotted; BORDER-LEFT: windowtext 1pt dotted; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt dotted; PADDING-TOP: 0in" width="20%">
      <P style="MARGIN: 0in 1.45pt 0pt 0in"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" color=black face=arial,sans-serif>Amendments to IFRS 7</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt dotted; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt dotted; PADDING-TOP: 0in" width="60%">
      <P style="MARGIN: 0in 1.45pt 0pt 0in"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" color=black face=arial,sans-serif>Disclosures &#8211; Transfers of Financial
      Assets</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt dotted; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt dotted; PADDING-TOP: 0in" width="20%">
      <P style="MARGIN: 0in 1.45pt 0pt 0in"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" color=black face=arial,sans-serif>July 1, 2011</FONT></P></TD></TR>
  <TR style="HEIGHT: 14.2pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt dotted; BORDER-LEFT: windowtext 1pt dotted; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt dotted; PADDING-TOP: 0in" width="20%">
      <P style="MARGIN: 0in 1.45pt 0pt 0in"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" color=black face=arial,sans-serif>IFRS 9</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt dotted; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt dotted; PADDING-TOP: 0in" width="60%">
      <P style="MARGIN: 0in 1.45pt 0pt 0in"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" color=black face=arial,sans-serif>Financial Instruments</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt dotted; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt dotted; PADDING-TOP: 0in" width="20%">
      <P style="MARGIN: 0in 1.45pt 0pt 0in"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" color=black face=arial,sans-serif>January 1, 2013</FONT></P></TD></TR>
  <TR style="HEIGHT: 14.2pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt dotted; BORDER-LEFT: windowtext 1pt dotted; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt dotted; PADDING-TOP: 0in" width="20%">
      <P style="MARGIN: 0in 1.45pt 0pt 0in"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" color=black face=arial,sans-serif>IFRS 10</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt dotted; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt dotted; PADDING-TOP: 0in" width="60%">
      <P style="MARGIN: 0in 1.45pt 0pt 0in"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" color=black face=arial,sans-serif>Consolidated Financial Statements</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt dotted; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt dotted; PADDING-TOP: 0in" width="20%">
      <P style="MARGIN: 0in 1.45pt 0pt 0in"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" color=black face=arial,sans-serif>January 1, 2013</FONT></P></TD></TR>
  <TR style="HEIGHT: 14.2pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt dotted; BORDER-LEFT: windowtext 1pt dotted; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt dotted; PADDING-TOP: 0in" width="20%">
      <P style="MARGIN: 0in 1.45pt 0pt 0in"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" color=black face=arial,sans-serif>IFRS 11</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt dotted; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt dotted; PADDING-TOP: 0in" width="60%">
      <P style="MARGIN: 0in 1.45pt 0pt 0in"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" color=black face=arial,sans-serif>Joint Arrangements</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt dotted; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt dotted; PADDING-TOP: 0in" width="20%">
      <P style="MARGIN: 0in 1.45pt 0pt 0in"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" color=black face=arial,sans-serif>January 1, 2013</FONT></P></TD></TR>
  <TR style="HEIGHT: 14.2pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt dotted; BORDER-LEFT: windowtext 1pt dotted; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt dotted; PADDING-TOP: 0in" width="20%">
      <P style="MARGIN: 0in 1.45pt 0pt 0in"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" color=black face=arial,sans-serif>IFRS 12</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt dotted; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt dotted; PADDING-TOP: 0in" width="60%">
      <P style="MARGIN: 0in 1.45pt 0pt 0in"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" color=black face=arial,sans-serif>Disclosure of Interests in Other
    Entities</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt dotted; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt dotted; PADDING-TOP: 0in" width="20%">
      <P style="MARGIN: 0in 1.45pt 0pt 0in"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" color=black face=arial,sans-serif>January 1, 2013</FONT></P></TD></TR>
  <TR style="HEIGHT: 14.2pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt dotted; BORDER-LEFT: windowtext 1pt dotted; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt dotted; PADDING-TOP: 0in" width="20%">
      <P style="MARGIN: 0in 1.45pt 0pt 0in"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" color=black face=arial,sans-serif>IFRS 13</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt dotted; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt dotted; PADDING-TOP: 0in" width="60%">
      <P style="MARGIN: 0in 1.45pt 0pt 0in"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" color=black face=arial,sans-serif>Fair Value Measurement</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt dotted; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt dotted; PADDING-TOP: 0in" width="20%">
      <P style="MARGIN: 0in 1.45pt 0pt 0in"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" color=black face=arial,sans-serif>January 1, 2013</FONT></P></TD></TR>
  <TR style="HEIGHT: 14.2pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt dotted; BORDER-LEFT: windowtext 1pt dotted; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt dotted; PADDING-TOP: 0in" width="20%">
      <P style="MARGIN: 0in 1.45pt 0pt 0in"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" color=black face=arial,sans-serif>Amendments to IAS 1</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt dotted; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt dotted; PADDING-TOP: 0in" width="60%">
      <P style="MARGIN: 0in 1.45pt 0pt 0in"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" color=black face=arial,sans-serif>Presentation of Items of Other Comprehensive
      Income</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt dotted; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt dotted; PADDING-TOP: 0in" width="20%">
      <P style="MARGIN: 0in 1.45pt 0pt 0in"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" color=black face=arial,sans-serif>July 1, 2012</FONT></P></TD></TR>
  <TR style="HEIGHT: 14.2pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt dotted; BORDER-LEFT: windowtext 1pt dotted; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt dotted; PADDING-TOP: 0in" width="20%">
      <P style="MARGIN: 0in 1.45pt 0pt 0in"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" color=black face=arial,sans-serif>Amendments to IAS 12</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt dotted; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt dotted; PADDING-TOP: 0in" width="60%">
      <P style="MARGIN: 0in 1.45pt 0pt 0in"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" color=black face=arial,sans-serif>Deferred Taxes - Recovery of Underlying
      Assets</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt dotted; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt dotted; PADDING-TOP: 0in" width="20%">
      <P style="MARGIN: 0in 1.45pt 0pt 0in"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" color=black face=arial,sans-serif>January 1, 2012</FONT></P></TD></TR>
  <TR style="HEIGHT: 14.2pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt dotted; BORDER-LEFT: windowtext 1pt dotted; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt dotted; PADDING-TOP: 0in" width="20%">
      <P style="MARGIN: 0in 1.45pt 0pt 0in"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" color=black face=arial,sans-serif>IAS 19 (revised in 2011)</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt dotted; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt dotted; PADDING-TOP: 0in" width="60%">
      <P style="MARGIN: 0in 1.45pt 0pt 0in"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" color=black face=arial,sans-serif>Employee Benefits</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt dotted; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt dotted; PADDING-TOP: 0in" width="20%">
      <P style="MARGIN: 0in 1.45pt 0pt 0in"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" color=black face=arial,sans-serif>January 1, 2013</FONT></P></TD></TR>
  <TR style="HEIGHT: 14.2pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt dotted; BORDER-LEFT: windowtext 1pt dotted; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt dotted; PADDING-TOP: 0in" width="20%">
      <P style="MARGIN: 0in 1.45pt 0pt 0in"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" color=black face=arial,sans-serif>IAS 27 (revised in 2011)</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt dotted; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt dotted; PADDING-TOP: 0in" width="60%">
      <P style="MARGIN: 0in 1.45pt 0pt 0in"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" color=black face=arial,sans-serif>Separate Financial Statements</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt dotted; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt dotted; PADDING-TOP: 0in" width="20%">
      <P style="MARGIN: 0in 1.45pt 0pt 0in"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" color=black face=arial,sans-serif>January 1, 2013</FONT></P></TD></TR>
  <TR style="HEIGHT: 14.2pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt dotted; BORDER-LEFT: windowtext 1pt dotted; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt dotted; PADDING-TOP: 0in" width="20%">
      <P style="MARGIN: 0in 1.45pt 0pt 0in"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" color=black face=arial,sans-serif>IAS 28 (revised in 2011)</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt dotted; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt dotted; PADDING-TOP: 0in" width="60%">
      <P style="MARGIN: 0in 1.45pt 0pt 0in"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" color=black face=arial,sans-serif>Investments in Associates and Joint
      Ventures</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt dotted; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt dotted; PADDING-TOP: 0in" width="20%">
      <P style="MARGIN: 0in 1.45pt 0pt 0in"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" color=black face=arial,sans-serif>January 1, 2013</FONT></P></TD></TR>
  <TR style="HEIGHT: 14.2pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt dotted; BORDER-LEFT: windowtext 1pt dotted; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt dotted; PADDING-TOP: 0in" width="20%">
      <P style="MARGIN: 0in 1.45pt 0pt 0in"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" color=black face=arial,sans-serif>IFRIC 20</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt dotted; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt dotted; PADDING-TOP: 0in" width="60%">
      <P style="MARGIN: 0in 1.45pt 0pt 0in"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" color=black face=arial,sans-serif>Stripping Costs in the Production Phase of a Surface
      Mine</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt dotted; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt dotted; PADDING-TOP: 0in" width="20%">
      <P style="MARGIN: 0in 1.45pt 0pt 0in"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" color=black face=arial,sans-serif>January 1, 2013</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="60%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>These
standards, amendments and interpretations are effective for annual reporting
periods beginning on or after 2012 and 2013 and were not used in preparing these
financial statements. No material impact of these new Standards on the Group&#8217;s
financial statements are expected, except for IFRS 9 </FONT><I><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Financial Instruments</FONT></I><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>, which can change the classification and measurement of
the financial assets held by the Group, IFRIC 20 </FONT><I><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Shipping Costs in the Production Phase of a Surface
Mine</FONT></I><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>, which can impact the accounting of waste
stripping in non-current assets, and IFRS 10, IFRS 11 and IFRS 12, which can
impact the entities currently consolidated and/or proportionately consolidated
by the Group. The Company does not expect to early adopt this standard and its
impact has not yet been measured. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>The CPC has
not yet issued any pronouncements equivalent to the IFRSs above, but it is
expected that such pronouncements will be issued before the IFRSs&#8217; effective
date. The early adoption of IFRSs is contingent to their approval by the
Brazilian Securities Commission and/or the Federal Accounting Council.&nbsp;
</FONT></P></DIV>
<P></P>
<P style="TEXT-ALIGN: right">Page 40 of 110</P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_42></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>3.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>BUSINESS COMBINATION</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>On July 12,
2011, CSN conducted, through its wholly-owned subsidiary &#8220;Prada&#8221;, a capital
increase in Companhia Brasileira de Latas (&#8220;CBL&#8221;) through the capitalization of
receivables. As a result, the Company became the holder of CBL&#8217;s control, with
an equity interest equivalent to 59.17% of its voting capital, represented by
784,055,451 common shares (&#8220;Acquisition&#8221;).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>The
acquisition of CBL&#8217;s control will generate operating and administrative
synergies that will result in a decrease in production costs, logistics costs,
and administrative costs.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>As mentioned
in Note 2(i), the acquisition method was used to account for identifiable assets
acquired, liabilities assumed, and non-controlling interests. Non-controlling
interests in CBL equivalent to 40.83% were proportionately determined, based on
the fair value of identifiable assets acquired and liabilities
assumed.</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> Some of the non-controlling shareholders are in the
corporate structure of CSN&#8217;s parent group.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>The purchase
price of R$43,316 was allocated between identified assets acquired and
liabilities assumed, measured at fair value. In the asset and liability
identification process were considered the intangible assets that were not
recognized in the acquirees&#8217; books.</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> The transaction costs are represented by consulting
services and lawyers&#8217; fees totaling R$485, which have been allocated to profit
or loss as incurred.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>The tables
below show the allocation of identifiable assets acquired and liabilities
assumed recognized at the acquisition date, the purchase price considered on the
acquisition of CBL&#8217;s control, and the calculation of the resulting
goodwill.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 0px" border=0 cellSpacing=0 cellPadding=0>

  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="55%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="14%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Carrying
      amounts</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="14%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Adjustments to fair value</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="14%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Total
      fair value</FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="55%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Assets acquired and liabilities
      assumed</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="55%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></U></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></U></B>&nbsp;</P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="55%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Current
      assets</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="14%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>62,182
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="14%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>(7,465)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="14%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>54,717
      </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="55%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Non-current assets (*)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>44,718
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>89,449
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>134,167
      </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="55%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Current
      liabilities</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="14%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>(144,225)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="14%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>10,522
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="14%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>(133,703)</FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="55%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Non-current liabilities (**)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>(567,469)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>351,035
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>(216,434)</FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 3px double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="55%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Total assets acquired and liabilities
      assumed</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="14%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>(604,794)&nbsp;</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="14%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>443,541
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="14%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>(161,253)</FONT></B></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(*) Comprising mainly the fair value adjustment to
property, plant and equipment amounting to R$90,572.Total fair value of
property, plant and equipment was measured at R$123,518.<BR></FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(**) Comprising mainly the fair value adjustment to
receivables from CSN amounting </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>to R$388,640.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The
fair value adjustments made based on the corporate balance sheet to prepare the
opening balance sheet were adjusted after the completion of the valuation report
in December 2011.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>

  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="83%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Goodwill
      arising on acquisition</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="15%" noWrap>&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="83%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT></U></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="15%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="83%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>(-) Book
      value of CBL</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="2%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="15%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>(604,794)</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="83%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(+) Fair value adjustments to assets acquired and
      liabilities assumed</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="15%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>443,541
      </FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="83%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(=) Total fair value of assets acquired and
      liabilities assumed</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="2%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>(161,253)</FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="83%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="15%" noWrap align=right>&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="83%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>Purchase
      price considered</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="2%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>43,316
      </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="83%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="15%" noWrap align=right>&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="83%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>(=)
      Goodwill arising on acquisition</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="2%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=arial,sans-serif>204,569
      </FONT></B></P></TD></TR></TABLE>
<DIV align=left>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif><BR>Goodwill arising on the acquisition
comprises mainly the expected synergies generated by the business combination of
Prada Embalagens with CBL, as described in note 13.</FONT></P></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The
business combination with Companhia Brasileira de Latas, which took place on
July 12, 2011, is under review of Conselho Administrativo de Defesa Econ&#244;mica,
or CADE, (Brazilian antitrust agency).</FONT></P>
<a name="_bclFooter42"></a><DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: right">Page 41 of 110</P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_43></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>4.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>RELATED-PARTY BALANCES AND TRANSACTIONS</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>a)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Transactions with Holding Company</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Vicunha
Siderurgia S.A. is a holding company set up for the purpose of holding equity
interests in other companies and is the Company&#8217;s main shareholder, with 47.86%
of the voting shares.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>On December
27, 2010, Rio IACO acquired 58,193,503 shares of Caixa Beneficente dos
Empregados da CSN (&#8220;CBS&#8221;) and currently holds 3.99% of CSN&#8217;s issued capital, and
became part of the control group.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Liabilities</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>
<DIV align=left>
<DIV align=left>
<TABLE style="WIDTH: 0px" border=0 cellSpacing=0 cellPadding=0>

  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="15%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="15%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="15%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="15%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="11%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="24%" colSpan=3 noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Paid</FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Companies</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Mandatory minimum dividend</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Proposed
      additional dividend</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Proposed
      interest on capital</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Total</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Dividends </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Interest
      on capital</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" vAlign=bottom width="15%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Vicunha
      Siderurgia</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>443,386
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>130,881
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>574,267
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>717,835
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="12%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>170,746
      </FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Rio
      Iaco</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>36,981
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>10,916
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>47,897
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>59,871
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>14,241
      </FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="15%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Total at
      12/31/2011</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="15%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>480,367
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="15%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>141,797
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="15%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="11%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>622,164
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="11%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>777,706
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="12%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>184,987
      </FONT></B></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="15%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Total at
      12/31/2010</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="15%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>141,174
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="15%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>636,509
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="15%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>184,985
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="11%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>962,668
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="11%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>717,834
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>33,499
      </FONT></B></P></TD></TR></TABLE><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></DIV></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Vicunha Siderurgia&#8217;s corporate structure is as follows
(unaudited information):</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=PT-BR face=Arial,sans-serif>Vicunha A&#231;os S.A. &#8211; holds 99.99% of Vicunha Siderurgia
S.A.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Vicunha Steel S.A. &#8211; holds 66.96% of Vicunha A&#231;os
S.A.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>National Steel S.A. &#8211; holds 33.04% of Vicunha A&#231;os
S.A.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CFL Participa&#231;&#245;es S.A. &#8211; holds 40% of National Steel S.A.
and 39.99% of Vicunha Steel S.A.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CRio Purus Participa&#231;&#245;es S.A. &#8211; holds 60% of National
Steel S.A., 59.99% of Vicunha Steel S.A. and 99.99% of Rio Iaco Participa&#231;&#245;es
S.A.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: right">Page 42 of 110</P>
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<a name="_bclHeader44"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>b)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Transactions with subsidiaries and exclusive funds</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Assets</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt"><STRONG><FONT face=Arial></FONT></STRONG>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 0px" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="30%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Companies</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Trade receivables</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Short-term and other investments <SUP>(1)</SUP></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Intercompany loans <SUP>(2)</SUP></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Dividends receivable</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Advance for future capital increase</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Derivative financial instruments (3)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>CSN Islands VIII Corp.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>374,455 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>374,455 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>CSN Portugal, Unipessoal Lda.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>891,741 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap align=right><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap align=right><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap align=right><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap align=right><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap align=right><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>891,741 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>CSN Europe Lda.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>739,154 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>739,154 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>CSN Export Europe, Sl.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>48,248 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap align=right><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap align=right><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap align=right><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap align=right><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap align=right><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>48,248 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Lusosider A&#231;os Planos, S. A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>37,440 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>37,440 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>International Investment Fund</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap align=right><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap align=right><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>24,265 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap align=right><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap align=right><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap align=right><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>24,265 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>CSN Ib&#233;ria Lda.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>51,689 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>51,689 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Companhia Metal&#250;rgica Prada</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>173,303 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>14,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>187,303 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>CSN Cimentos S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>2,122 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>10,225 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>12,347 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Cia. Metalic Nordeste</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>1 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>1 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Transnordestina Log&#237;stica S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>84 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>53,440 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>21,981 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>75,505 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Florestal Nacional S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>162,180 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>162,180 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Sepetiba Tecon S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>20 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>10,400 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>10,420 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>CSN Energia S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>3,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>3,000 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=Arial>Estanho de Rond&#244;nia</FONT>&nbsp;S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>3,625 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>3,625 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Exclusive funds</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap align=right><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>1,345,088 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap align=right><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap align=right><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap align=right><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap align=right><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>1,345,088 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Minera&#231;&#227;o Nacional S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>20 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>20 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Companhia Brasileira de Latas</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>45,550 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap align=right><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap align=right><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap align=right><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap align=right><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap align=right><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>45,550 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Total at 12/31/2011</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>1,989,352 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>1,345,088 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>239,885 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>14,045 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>49,206 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>374,455 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>4,012,031 </FONT></B></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Total at 12/31/2010</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>814,409 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>204,677 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>141,639 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>5,555 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>1,252,801 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>254,231 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>2,673,312 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT size=2></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 14.2pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(1) The short-term investments and the investments in exclusive funds are managed by Banco BTG Pactual. Short-term investments total R$1,207,318 and investments in Usiminas shares total R$137,770, both classified as available-for-sale investments.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(2) International Investment Fund - US$ contract: 4.3% p.a. interest with undefined maturity.</FONT></P>

<P style="LINE-HEIGHT: 100%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Transnordestina - R$ contracts: interest equivalent to 101.5% to 102.5% of the interbank deposit rate (CDI) with final maturity extended to December 2013.</FONT></P></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 14.2pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Florestal Nacional - R$: interest equivalent to 100.5% to 105.5% of CDI with final maturity extended to January 2012.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(3) Financial instruments contract, specifically swap between CSN and CSN Islands VIII.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Intragroup receivables arise from product sales and service transactions between the parent and its subsidiaries.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>The accounts receivable of Companhia Brasileira de Latas (&#8220;CBL&#8221;), relating to commercial transactions, amounted R$ 292,369 in total, being accrued R$ 246,819 on operations for the period before the acquisition, which is reversed only when received.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Liabilities</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 0px" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Companies</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="38%" colSpan=5>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Borrowings and financing</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="25%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Trade payables</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" rowSpan=2 width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Prepayment (1)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" rowSpan=2 width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Fixed rate notes(2)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" rowSpan=2 width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Borrowings and Intercompany Bonds <SUP>(2)</SUP></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" rowSpan=2 width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Intercompany borrowings (3)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" rowSpan=2 width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Other</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" rowSpan=2 width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="21%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>CSN Islands VIII Corp.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>1,440,536 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>1,723 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>1,442,259 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="21%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>CSN Portugal, Unipessoal Lda.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>289,796 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>289,796 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="21%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>CSN Europe Lda.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>20,500 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>40,906 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>61,406 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="21%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>CSN Resources S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>1,955,131 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>830,413 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>1,766,684 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>4,552,228 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="21%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>CSN Ib&#233;ria Lda.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>44,876 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>44,876 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="21%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Estanho de Rond&#244;nia S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>10,688 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>10,688 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="21%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Congonhas Min&#233;rios S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>1,356,010 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>1,356,010 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="21%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Other(*)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>7,464 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>7,464 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="21%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Total at 12/31/2011</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>2,244,927 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>2,270,949 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>3,143,194 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>87,505 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>18,152 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>7,764,727 </FONT></B></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="21%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Total at 12/31/2010</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>2,080,721 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>1,955,135 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>2,253,838 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>570,257 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>43,774 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>6,903,725 </FONT></B></P></TD></TR></TABLE><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 21.3pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(1)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>US$ contracts - CSN Portugal: 6.15% and 7.43% interest p.a. maturing in May 2015.</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 0in 0in 21.3pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>US$ contract - CSN Resources: 4.07% interest p.a. with maturity extended to August 2022.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 9pt; MARGIN: 0in 0in 0pt 21.3pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 21.3pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(2)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>YEN contracts - CSN Islands VIII: 5.65% interest p.a. maturing in December 2013.</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 0in 0in 21.3pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>US$ contracts - CSN Resources: 4.14% interest p.a. maturing in July 2015.</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 0in 0in 21.3pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>US$ contracts - CSN Europe: semiannual LIBOR + 2.25% p.a. maturing in March 2012.</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0in 0in 0in 21.3pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>US$ contracts - CSN Resources: intercompany bonds at 9.125% interest p.a. maturing in June 2047.</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0in 0in 0in 21.3pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>US$ contracts - CSN Resources: interest of 2.01% to 3.99% p.a. maturing in December 2013.</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0in 0in 0in 21.3pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>R$ contracts - Congonhas Min&#233;rios: interest equivalent to 100.3% to 105.5% of CDI p.a. with maturity extended to January 2012.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 9pt; MARGIN: 0in 0in 0pt 21.3pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 21.3pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(3)</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>US$ contracts - CSN Ib&#233;ria: semiannual LIBOR + 3% p.a. with undefined maturity.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif>(*)Other</FONT><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif>:&nbsp;</FONT></B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif> CSN Cimentos, Companhia Metal&#250;rgica Prada and Cia. </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Metalic Nordeste.</FONT></P></DIV>

<P style="TEXT-ALIGN: right">Page 43 of 110</P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Profit or loss</FONT></B></P>

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<TR>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=4 width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Companies</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="39%" colSpan=7>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Revenues</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="39%" colSpan=7>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Expenses</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" rowSpan=3 width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Sales</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" rowSpan=3 width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Interest </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" rowSpan=3 width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Exchange differences</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" rowSpan=3 width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" rowSpan=3 width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Purchases</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" rowSpan=3 width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Interest </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" rowSpan=3 width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Exchange differences</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" rowSpan=3 width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Total</FONT></B></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>CSN Islands VIII Corp.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>73,530 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>115,236 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>188,766 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>CSN Portugal, Unipessoal Lda.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>853,816 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>2,602 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>856,418 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>19,259 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>19,259 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>CSN Europe Lda.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>669,503 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>56,270 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>725,773 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>1,361 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>1,361 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>CSN Resources S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>242,558 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>491,971 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>734,529 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>CSN Export Europe, S.L.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>8,644 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>54,670 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>63,314 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Lusosider A&#231;os Planos, S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>35,503 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>1,937 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>37,440 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>International Investment Fund</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>1,242 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>2,300 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>3,542 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>CSN Ib&#233;ria Lda.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>49,099 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>49,099 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>1,102 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>2,012 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>3,114 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>CSN Aceros S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>916 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>916 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Inal Nordeste S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>32,082 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>32,082 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>74 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>74 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Companhia Metal&#250;rgica Prada</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>1,007,945 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>1,007,945 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>17,359 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>17,359 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>CSN Cimentos S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>26,552 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>26,552 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>1,413 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>1,413 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Cia. Metalic Nordeste</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>72,739 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>72,739 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>4,172 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>4,172 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Estanho de Rond&#244;nia S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>67,902 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>67,902 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Florestal Nacional S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>17,416 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>17,416 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Sepetiba Tecon S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>4,376 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>4,376 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>13,488 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>13,488 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Exclusive funds</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>46,376 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>46,376 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Congonhas Min&#233;rios S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>147,592 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>147,592 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Transnordestina Log&#237;stica S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>129 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>1,257 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>1,386 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>CSN Energia S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>128,281 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>128,281 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Companhia Brasileira de Latas</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>85,814 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>85,814 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>1,290 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>1,290 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Total at 12/31/2011</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>2,846,202 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>66,291 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>117,779 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>3,030,272 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>233,979 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>485,402 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>610,135 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>1,329,516 </FONT></B></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Total at 12/31/2010</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>2,192,434 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>6,234 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>137,467 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>2,336,135 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>64,971 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>369,802 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>184,716 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>619,489 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>The main transactions carried out by the Company with its subsidiaries are sales and purchases of products and services, which include the supply of iron ore and steel, and the provision of port services.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>c)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Transactions with jointly controlled entities</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>The Company&#8217;s strategic areas of mining, logistics and energy maintain equity interests in companies under joint control. The characteristics, objectives and transactions with these companies are as follows. The consolidated information is presented according to the criteria set out in note 2.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: right">Page 44 of 110</P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
&nbsp; <A name=page_46></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader46"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Assets</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>

  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="40%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Company</FONT></B></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="40%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Companies</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="14%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Trade
      receivables</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="14%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Dividends receivable</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="14%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Intercompany loan (*)</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="14%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Total</FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="40%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Nacional
      Min&#233;rios S.A.</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>75,212
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>622,004
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="14%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>697,216
      </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="40%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>MRS
      Log&#237;stica S.A.</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>603
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>33,875
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>34,478
      </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="40%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>It&#225;
      Energ&#233;tica</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="14%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>6,318
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="14%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>6,318
      </FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="40%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Total at
      12/31/2011</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>75,815
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>662,197
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="14%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>738,012
      </FONT></B></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="40%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Total at
      12/31/2010</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>47,268
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>616,989
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>1,241,095 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>1,905,352 </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="40%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="40%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="40%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Consolidated</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap>&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="40%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Companies</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: #000000 1px solid; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="14%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Trade
      receivables</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="14%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Intercompany loan (*)</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="14%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Total</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="40%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Nacional
      Min&#233;rios S.A.</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>31,338
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="14%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>31,338
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="40%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>MRS
      Log&#237;stica S.A.</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>403
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>403
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap>&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="40%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Total at
      12/31/2011</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>31,741
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="14%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>31,741
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap>&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="40%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Total at
      12/31/2010</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>19,115
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>496,438
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>515,552
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="40%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap>&nbsp;</TD></TR></TABLE><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>(*) In 2011
total payments of Nacional Min&#233;rios S.A. to CSN amounted to R$1,278,457 of which
R$53,800 was paid in January related to interest and R$1,224,657 in April
related to early settlement as provided for in the related agreement.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Liabilities</FONT></B></P></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>

  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="40%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Company</FONT></B></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="40%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Companies</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="14%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Advances
      from customers</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="14%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Trade
      payables</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="14%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Other
      payables</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="14%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Total</FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="40%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Nacional
      Min&#233;rios S.A.</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>8,176,658 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="14%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>6,011
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>8,182,669 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="40%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>MRS
      Log&#237;stica S.A.</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>10,618
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>9,834
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>20,452
      </FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="40%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Total at
      12/31/2011</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>8,176,658 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>10,618
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>15,845
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>8,203,121 </FONT></B></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="40%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Total at
      12/31/2010</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>7,924,542 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>18,423
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>68,340
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>8,011,305 </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="40%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="40%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="40%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Consolidated</FONT></B></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="40%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Companies</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="14%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Advances
      from customers</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="14%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Trade
      payables</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="14%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Other
      payables</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="14%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Total</FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="40%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Nacional
      Min&#233;rios S.A.</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>3,270,663 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="14%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>2,404
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>3,273,067 </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="40%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>MRS
      Log&#237;stica S.A.</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>7,085
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>6,562
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>13,647
      </FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="40%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Total at
      12/31/2011</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>3,270,663 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>7,085
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>8,966
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>3,286,714 </FONT></B></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="40%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Total at
      12/31/2010</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>3,169,817 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>7,369
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>6,725
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>3,183,911 </FONT></B></P></TD></TR></TABLE><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif></FONT></DIV>
<P style="MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Nacional Min&#233;rios: The advance from customers
received from jointly controlled entity Nacional Min&#233;rios S.A. refers to the
contractual obligation for supply of iron ore and port services. The agreement
is subject to interest rate of 12.5% p.a. and expires in September 2042.&nbsp;
</FONT></P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>MRS
Log&#237;stica: We have recorded in other payables the amount accrued to cover
contractual expenses for take or pay and block rates relating to the railroad
transportation agreement.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: right">Page 45 of 110</P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_47></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader47"></a><DIV>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Profit or loss</FONT></B></P>
<DIV align=left>
<TABLE style="WIDTH: 0px" border=0 cellSpacing=0 cellPadding=0>

  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="28%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="11%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="11%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="11%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="11%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="11%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Company</FONT></B></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="28%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Companies</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="35%" colSpan=5>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Revenues</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="35%" colSpan=5>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Expenses</FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Sales</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Interest</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Total</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Purchases</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Interest</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Total</FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="28%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Nacional
      Min&#233;rios S.A.</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>945,048
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>42,412
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>987,460
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>15,740
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>964,056
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>979,796
      </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="28%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>MRS
      Log&#237;stica S.A.</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="11%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="11%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="11%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>418,916
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="11%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>418,916
      </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="28%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>It&#225;
      Energ&#233;tica S.A.</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="11%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="11%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>55,155
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="11%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>55,155
      </FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="28%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Total at
      12/31/2011</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>945,048
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>42,412
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>987,460
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>489,811
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>964,056
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>1,453,867 </FONT></B></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="28%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Total at
      12/31/2010</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>694,378
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>114,943
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>809,321
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>549,770
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>934,014
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>1,483,784 </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="28%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="11%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="11%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="11%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="11%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="11%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="11%" noWrap>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="28%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="11%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="11%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="11%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="11%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="11%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="11%" noWrap>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="28%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="11%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="11%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="11%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="11%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="11%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="11%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="28%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="11%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="11%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="11%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="11%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="11%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Consolidated</FONT></B></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="28%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Companies</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="35%" colSpan=5>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Revenues</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="35%" colSpan=5>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Expenses</FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Sales</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%"></TD>
    <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Interest</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%"></TD>
    <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Total</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%"></TD>
    <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Purchases</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Interest</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Total</FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="28%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Nacional
      Min&#233;rios S.A.</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>378,020
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>16,965
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>394,985
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>6,296
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>385,622
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>391,918
      </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="28%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>MRS
      Log&#237;stica S.A.</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="11%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="11%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="11%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>279,545
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="11%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>279,545
      </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="28%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>It&#225;
      Energ&#233;tica S.A.</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="11%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="11%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="11%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>28,267
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="11%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>28,267
      </FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="28%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Total at
      12/31/2011</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>378,020
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>16,965
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>394,985
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>314,108
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>385,622
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>699,730
      </FONT></B></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="28%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Total at
      12/31/2010</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>277,751
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>45,977
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>323,729
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>336,623
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>373,606
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="11%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>710,229
      </FONT></B></P></TD></TR></TABLE><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>The main
transactions carried out by the Company with its jointly controlled entities are
sales and purchases of products and services, which include the supply of iron
ore, the provision of port services and railroad transportation, as well as the
supply of electric power for operations.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>d)
Other consolidated related parties</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>CBS Previd&#234;ncia</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>The Company
is the main sponsor of this non-profit entity established in July 1960,
primarily engaged in the payment of benefits that supplement the official
government Social Security benefits to participants. In its capacity as sponsor,
CSN carries out transactions involving the payment of contributions and
recognition of actuarial liabilities calculated in defined benefit plans, as
detailed in Note 29.</FONT></P></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Funda&#231;&#227;o CSN</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>The Company
develops socially responsible policies concentrated today in Funda&#231;&#227;o CSN, of
which it is the sponsor. The transactions between the parties relate to the
operating and financial support for Funda&#231;&#227;o CSN to carry out the social
projects undertaken mainly in the locations where the Company
operates.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Banco Fibra</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Banco Fibra
is under the control structure of Vicunha Siderurgia and the financial
transactions carried out with this bank are limited to current account
operations and investments in fixed-income securities.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Ibis Participa&#231;&#245;es e Servi&#231;os</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Ibis Participa&#231;&#245;es e Servi&#231;os is under the control of a
Board member of the Company.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The balances and transactions between the Company and
these entities are as follows:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Companhia de G&#225;s do Cear&#225;</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>A natural gas distributor under the control structure of
Vicunha Siderurgia.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: right">Page 46 of 110</P>
<HR align=center SIZE=2 width="100%" noShade>

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<a name="_bclHeader48"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>I) Assets and liabilities</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 0px" border=0 cellSpacing=0 cellPadding=0>

  <TR>
    <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="28%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Companies</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="35%" colSpan=5 noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Assets</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="35%" colSpan=5>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Liabilities</FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Banks/Short-term investments</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Trade<BR>receivables</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Total</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Actuarial<BR>liabilities</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Trade
      payables</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Total</FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="28%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>CBS
      Previd&#234;ncia (Note 29)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="11%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="11%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="11%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="11%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>11,673
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="11%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="11%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>11,673
      </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="28%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Funda&#231;&#227;o
      CSN</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="11%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="11%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>1,504
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="11%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>1,504
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="11%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="11%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>321
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="11%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>321
      </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="28%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Banco
      Fibra</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="11%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>72
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="11%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="11%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>72
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="11%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="11%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="11%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="28%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Usiminas
      (Note 11)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="11%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="11%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>28,509
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="11%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>28,509
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="11%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="11%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>170
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="11%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>170
      </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="28%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Panatl&#226;ntica (Note 11)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="11%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="11%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>24,858
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="11%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>24,858
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="11%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="11%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="11%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="28%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Companhia de G&#225;s do Cear&#225;</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="11%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="11%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="11%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="11%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="11%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>40
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="11%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>40
      </FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="28%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Total at
      12/31/2011</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="11%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>72
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="11%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>54,871
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="11%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>54,943
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="11%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>11,673
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="11%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>531
      </FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="1%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="11%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>12,204
      </FONT></B></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="28%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Total at
      12/31/2010</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="11%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>86
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="11%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>25,881
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="11%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>25,967
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="11%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="11%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>16,133
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="11%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>16,133
      </FONT></B></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0cm 0cm 10pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>ii) Profit or loss</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 0px" border=0 cellSpacing=0 cellPadding=0>

  <TR>
    <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="35%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Companies</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="25%" colSpan=3 noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Revenues</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="38%" colSpan=5>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Expenses
      </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Sales /
      Interest income</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Total</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Pension
      fund expenses</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Purchases/ Other expenses</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Total</FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="35%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>CBS
      Previd&#234;ncia (Note 29)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="12%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="12%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>51,595
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="12%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>51,595
      </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="35%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Funda&#231;&#227;o
      CSN</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>2,650
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>2,650
      </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="35%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Banco
      Fibra</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>35
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>35
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="12%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="12%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" width="12%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="35%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Usiminas
      (Note 11)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>310,479
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>310,479
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>7,971
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>7,971
      </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="35%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Panatl&#226;ntica (Note 11)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>264,653
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>264,653
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="12%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="12%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="12%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="35%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Ibis
      Participa&#231;&#245;es e Servi&#231;os</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>8,961
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>8,961
      </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="35%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Companhia de G&#225;s do Cear&#225;</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="12%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="12%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="12%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>2,570
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>2,570
      </FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="35%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Total at
      12/31/2011</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>575,167
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>575,167
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>51,595
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>22,152
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>73,747
      </FONT></B></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="35%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Total at
      12/31/2010</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>413,401
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>413,401
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>82,041
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>58,651
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>140,692
      </FONT></B></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0cm 0cm 10pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>e)
Key management personnel</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P></DIV>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>The key
management personnel, who have authority and responsibility for planning,
directing and controlling the Company&#8217;s activities, include the members of the
Board of Directors and the executive officers. The following is information on
the compensation of such personnel and the related balances as of December 31,
2011.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 0px" border=0 cellSpacing=0 cellPadding=0>

  <TR style="HEIGHT: 12.75pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="66%" noWrap><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 9pt">12/31/2011</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 9pt">12/31/2010</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 15.75pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="66%" noWrap><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 9pt">P&amp;L</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 9pt">P&amp;L</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 11.25pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="66%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 9pt" lang=EN-US>Short-term benefits for employees and officers</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" lang=EN-US></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 9pt">23,728
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 9pt">17,881
      </FONT></P></TD></TR>
  <TR style="HEIGHT: 11.25pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="66%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 9pt">Post-employment
      benefits</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 9pt">91
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 9pt">81
      </FONT></P></TD></TR>
  <TR style="HEIGHT: 11.25pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="66%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 9pt">Other
      long-term benefits</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 9pt">n/a</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 9pt">n/a</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.25pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="66%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 9pt">Severance
      benefits</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 9pt">n/a</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 9pt">n/a</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.25pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="66%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 9pt">Share-based
      compensation</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 9pt">n/a</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 9pt">n/a</FONT></P></TD></TR>
  <TR style="HEIGHT: 12pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="66%" noWrap><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 9pt">23,819
      </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 9pt">17,962
      </FONT></B></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>n/a &#8211; not applicable</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>f)
Policy on investments and payment of dividends and interest on
capital</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>At a meeting
held on December 11, 2000, the Board of Directors decided to adopt a profit
distribution policy which, after compliance with the provisions contained in
6404/76, as amended by Law 9457/97, will entail the distribution of all the
profit to the Company&#8217;s shareholders, provided that the following priorities are
preserved, irrespective of their order: (i)&nbsp;carrying out the business
strategy; (ii)&nbsp;fulfilling its obligations; (iii)&nbsp;making the required
investments; and (iv)&nbsp;maintaining a healthy financial situation of the
Company.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: right">Page 47 of 110</P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>5.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CASH AND CASH EQUIVALENTS</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

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   <TD width="41%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="29%" colSpan=3 align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"></FONT><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Consolidated</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"></FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="29%" colSpan=3 align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"></FONT><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Company</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="41%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">12/31/2011</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">12/31/2010</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">12/31/2011</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">12/31/2010</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

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   <TD style="BACKGROUND-COLOR: #f2f2f2" width="41%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Current</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="1%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"></FONT></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="1%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"></FONT></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="1%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"></FONT></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="41%" align=left>

   <P style="MARGIN-LEFT: 1%"><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Cash and cash equivalents</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"></FONT></TD>

   <TD width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"></FONT></TD>

   <TD width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"></FONT></TD>

   <TD width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #f2f2f2; TEXT-INDENT: 4px" width="41%" align=left>

   <P style="MARGIN-LEFT: 2%"><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Cash and banks</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">101,360</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="1%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"></FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">156,580</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="1%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"></FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">14,047</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="1%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"></FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">14,033</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #ffffff" width="100%" colSpan=8><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="41%" align=left>

   <P style="MARGIN-LEFT: 1%"><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Short-term investments</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="1%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"></FONT></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="1%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"></FONT></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="1%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"></FONT></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" width="41%" align=left>

   <P style="MARGIN-LEFT: 2%"><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">In Brazil:</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"></FONT></TD>

   <TD width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"></FONT></TD>

   <TD width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"></FONT></TD>

   <TD width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #f2f2f2; TEXT-INDENT: 6px" width="41%" align=left>

   <P style="MARGIN-LEFT: 4%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Exclusive investiment funds</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="1%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"></FONT></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="1%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"></FONT></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,207,318</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="1%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"></FONT></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" width="41%" align=left>

   <P style="MARGIN-LEFT: 4%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Investment funds (*)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"></FONT></TD>

   <TD width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"></FONT></TD>

   <TD width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">747,001</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"></FONT></TD>

   <TD width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #f2f2f2; TEXT-INDENT: 6px" width="41%" align=left>

   <P style="MARGIN-LEFT: 4%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Government bonds</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">646,594</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="1%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"></FONT></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">477,529</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="1%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"></FONT></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="1%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"></FONT></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6px" width="41%" align=left>

   <P style="MARGIN-LEFT: 4%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Private securities and debentures (**)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,017,019</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,134,364</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">60,363</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">93,062</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="41%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #f2f2f2" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,663,613</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="1%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #f2f2f2" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,611,893</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="1%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #f2f2f2" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,014,682</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="1%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #f2f2f2" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">93,062</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" width="41%" align=left>

   <P style="MARGIN-LEFT: 2%"><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Abroad:</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"></FONT></TD>

   <TD width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"></FONT></TD>

   <TD width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"></FONT></TD>

   <TD width="14%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #f2f2f2; TEXT-INDENT: 6px" width="41%" align=left>

   <P style="MARGIN-LEFT: 4%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Time deposits</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #f2f2f2" width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">12,652,420</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="1%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #f2f2f2" width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">7,470,805</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="1%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #f2f2f2" width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">44,515</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="1%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #f2f2f2" width="14%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">1,202</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="41%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Total short-term investments</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">15,316,033</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">10,082,698</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,059,197</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD width="1%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">94,264</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="41%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Cash and cash equivalents</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #f2f2f2" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">15,417,393</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="1%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #f2f2f2" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">10,239,278</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="1%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #f2f2f2" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2,073,244</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="1%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt"></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #f2f2f2" width="14%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">108,297</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR></TABLE>

<DIV align=left><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>The funds available in the Company and subsidiaries set up in Brazil are basically invested in exclusive investment funds, with repurchase agreements backed by Brazilian government bonds with immediate liquidity. In addition, a significant part of the funds of the Company and its foreign subsidiaries is invested in time deposits with leading banks.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>The exclusive funds managed by BTG Pactual Servi&#231;os Financeiros S.A. DTVM and their assets collateralize possible losses on investments and transactions carried out. The funds&#8217; unit holders also guarantee the funds&#8217; equity in the event of losses arising from changes in interest and exchange rates, or other financial assets.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; TEXT-INDENT: -17pt; MARGIN: 0in 0in 0pt 17pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(*)&nbsp;&nbsp;&nbsp; Investment funds: the &#8220;V&#233;rtice&#8221; investment fund&#8217;s portfolio is administered and managed by Caixa Econ&#244;mica Federal (CEF).</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; TEXT-INDENT: -17pt; MARGIN: 0in 0in 0pt 17pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(**)&nbsp; Private securities: short&#8211;term investments in consolidated amounting to R$1,952,274 as of December 31, 2011 (R$2,079,549 as of December 31, 2010) and in Company amounting to R$60,363 and R$93,062 respectively, backed by Bank Certificates of Deposit, which yield pegged to the Interbank Certificates of Deposit rate (CDI).</FONT></P></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; TEXT-INDENT: -17pt; MARGIN: 0in 0in 0pt 17pt">
<FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -17pt; MARGIN: 0in 0in 0pt 17pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Debentures: investments in consolidated amounting to R$64,745 as of December 31, 2011 (R$54,815 as of December 31, 2010), of jointly controlled entity MRS, which yield pegged to the Interbank Certificates of Deposit rate (CDI).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: right">Page 48 of 110</P>

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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>6.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>TRADE RECEIVABLES</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

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<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="41%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="29%" colSpan=3 noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Consolidated</FONT></B></P></TD>

   <TD width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="29%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Company&nbsp; </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="41%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2011</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2010</FONT></B></P></TD>

   <TD width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P></P>

   <P></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2011&nbsp; </FONT></B></P></TD>

   <TD width="1%" noWrap><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></FONT></B>

   <P></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2010&nbsp; </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="41%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Trade receivables</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="41%" noWrap>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Third parties</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>

   <TD width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>

   <TD width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>

   <TD width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="41%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Domestic market</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>982,129 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>846,507 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>675,297&nbsp; </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>577,589&nbsp; </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="41%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Foreign market</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>701,807 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>530,356 </FONT></P></TD>

   <TD width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>4,869&nbsp; </FONT></P></TD>

   <TD width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>14,948&nbsp; </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="41%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Allowance for doubtful debts</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>(124,939)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>(117,402)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #f2f2f2" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>(101,407)&nbsp; </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #f2f2f2" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>(99,023)&nbsp; </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="41%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>1,558,997 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>1,259,461 </FONT></B></P></TD>

   <TD width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>

   <TD width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>578,759&nbsp; </FONT></B></P></TD>

   <TD width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>

   <TD width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>493,514&nbsp; </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="41%" noWrap>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Related parties (Note 4 - b and c)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #f2f2f2" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>2,065,167&nbsp; </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #f2f2f2" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>861,677&nbsp; </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="41%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>1,558,997 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>1,259,461 </FONT></B></P></TD>

   <TD width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>2,643,926&nbsp; </FONT></B></P></TD>

   <TD width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;1,355,191&nbsp;</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="41%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Other receivables</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="41%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Dividends receivable (Note 4 - b and c)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></P></TD>

   <TD width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>676,242&nbsp; </FONT></P></TD>

   <TD width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></P></TD>

   <TD width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>622,544&nbsp; </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="41%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Receivables from subsidiaries and jointly controlled entities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>1,557 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>17,318 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>163,248&nbsp; </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>164,210&nbsp; </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="41%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Other receivables</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>55,652 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>90,980 </FONT></P></TD>

   <TD width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>33,384&nbsp; </FONT></P></TD>

   <TD width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>39,027&nbsp; </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="41%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>57,209 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>108,298 </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #f2f2f2; BORDER-TOP: #000000 1px solid" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>872,874&nbsp; </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #f2f2f2; BORDER-TOP: #000000 1px solid" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>825,781&nbsp; </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="41%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>1,616,206 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>1,367,759 </FONT></B></P></TD>

   <TD width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>3,516,800&nbsp; </FONT></B></P></TD>

   <TD width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>2,180,972&nbsp; </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>In order to meet the needs of some customers in the domestic market, related to the extension of the payment term for billing of steel, in common agreement with CSN&#8217;s internal commercial policy and maintenance of its very short-term receipts (up to 14 days), at the request of the customer, transactions are carried out for assignment of receivables without co-obligation negotiated between the customer and banks with common relationship, where CSN assigns the trade notes/bills that it issues to the banks with common relationship.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Due to the characteristics of the transactions for assignment of receivables without co-obligation, after assignment of the customer&#8217;s trade notes/bills and receipt of the funds from the closing of each transaction, CSN settles the trade receivables and becomes entirely free of the credit risk on the transaction.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>This transaction totals R$262,367 as of December 31, 2011 (R$247,680 as of December 31, 2010), less the trade receivables.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The changes in the Company&#8217;s allowance for doubtful debts are as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 12.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="40%" noWrap></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="29%" colSpan=3 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Consolidated</FONT></B></P></TD>

   <TD width="1%" noWrap><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></FONT></B>

   <P></P></FONT></B>

   <P></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="29%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Company&nbsp; </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="40%" noWrap></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2011</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2010</FONT></B></P></TD>

   <TD width="1%" noWrap><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></FONT></B>

   <P></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2011&nbsp; </FONT></B></P></TD>

   <TD width="1%" noWrap><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></FONT></B>

   <P></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2010&nbsp; </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Opening balance</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>(117,402)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>(164,077)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>(<FONT style="FONT-SIZE: 8pt" face=Arial>99,023</FONT>)&nbsp; </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>(107,558)&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Allowance for losses on trade receivables</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>(20,005) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>(7,439)</FONT></P></TD>

   <TD width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>(11,628)&nbsp; </FONT></P></TD>

   <TD width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>(8,535)&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Recovery (reversal) of receivables</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>12,468 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>54,114 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>9,244&nbsp; </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>17,070&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Closing balance</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>(124,939)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>(117,402)</FONT></B></P></TD>

   <TD width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>(<FONT style="FONT-SIZE: 8pt" face=Arial>101,407</FONT>)&nbsp; </FONT></B></P></TD>

   <TD width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>(99,023)&nbsp; </FONT></B></P></TD></TR></TABLE>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>7.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>INVENTORIES</FONT></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 12.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="41%" noWrap></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="29%" colSpan=3 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Consolidated</FONT></B></P></TD>

   <TD width="1%" noWrap><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></FONT></B>

   <P></P></FONT></B>

   <P></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="29%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Company&nbsp; </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="41%" noWrap></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2011</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2010</FONT></B></P></TD>

   <TD width="1%" noWrap><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></FONT></B>

   <P></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2011&nbsp; </FONT></B></P></TD>

   <TD width="1%" noWrap><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></FONT></B>

   <P></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2010&nbsp; </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="41%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Finished products</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>997,128 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>1,015,534 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>714,688&nbsp; </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>783,556&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="41%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Work in process</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>776,918 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>588,668 </FONT></P></TD>

   <TD width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>680,997&nbsp; </FONT></P></TD>

   <TD width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;550,824&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="41%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Raw materials </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>847,598 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>638,857 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>693,155&nbsp; </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>517,085&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="41%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Storeroom supplies</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>897,940 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>800,090 </FONT></P></TD>

   <TD width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>724,529&nbsp; </FONT></P></TD>

   <TD width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>675,705&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="41%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Iron ore</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>215,400 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>312,637 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>72,248&nbsp; </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>179,543&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="41%" noWrap></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>3,734,984 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>3,355,786 </FONT></B></P></TD>

   <TD width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>2,885,617&nbsp; </FONT></B></P></TD>

   <TD width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>2,706,713&nbsp; </FONT></B></P></TD></TR></TABLE><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Changes in the allowance for inventory losses are as follows:</FONT></P>

<DIV align=left>

<DIV align=left>

<TABLE style="WIDTH: 0px" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 12.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="40%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Consolidated</FONT></B></P></TD>

   <TD width="1%" noWrap align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></FONT></B>

   <P></P></FONT></B>

   <P></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="29%" colSpan=3 noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Company&nbsp; </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="40%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2011</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2010</FONT></B></P></TD>

   <TD width="1%" noWrap align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></FONT></B>

   <P></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2011&nbsp; </FONT></B></P></TD>

   <TD width="1%" noWrap align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></FONT></B>

   <P></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2010&nbsp; </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Opening balance</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>(64,115)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>(50,306)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>(<FONT style="FONT-SIZE: 8pt" face=Arial>61,702</FONT>)&nbsp; </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>(48,458)&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Allowance for obsolete or slow-moving inventories</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>(19,030)&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>(13,809)</FONT></P></TD>

   <TD width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>(16,112)&nbsp; </FONT></P></TD>

   <TD width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>(13,244)&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Closing balance</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>(83,145)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>(64,115)</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #f2f2f2; BORDER-TOP: #000000 1px solid" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>(77,814)&nbsp; </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #f2f2f2; BORDER-TOP: #000000 1px solid" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>(<FONT style="FONT-SIZE: 8pt" face=Arial>61,702</FONT>)&nbsp; </FONT></B></P></TD></TR></TABLE></DIV>

<DIV align=left><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</DIV>

<DIV align=left><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Allowances for certain items considered obsolete or slow-moving were recognized.</FONT></DIV></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>As</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> of</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> December 31, 2011, the Company has long-term iron ore inventories amounting to R$144,483, classified in other non-current assets (R$130,341 as of December 31, 2010).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: right">Page 49 of 110</P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp; <A name="page_51"></A>

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<a name="_bclHeader51"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>8.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>OTHER CURRENT ASSETS</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The group of other current assets is comprised as follows:</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 12.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="41%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Consolidated</FONT></B></P></TD>

   <TD width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="29%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Company&nbsp;</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="41%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2011</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2010</FONT></B></P></TD>

   <TD width="1%"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></FONT></B>

   <P></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2011&nbsp; </FONT></B></P></TD>

   <TD width="1%"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></FONT></B>

   <P></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2010&nbsp; </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="41%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Prepaid taxes</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>104,733 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>89,596 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>104,064&nbsp; </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>7,129&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="41%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Guarantee margin on financial instruments (Note 15 V)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>407,467 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>254,485 </FONT></P></TD>

   <TD width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="41%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Unrealized gains on derivatives (Note 15)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>55,115 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="41%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Prepaid expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>24,135 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>12,997 </FONT></P></TD>

   <TD width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>10,834&nbsp; </FONT></P></TD>

   <TD width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>4,189&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="41%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>591,450 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>357,078 </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #f2f2f2; BORDER-TOP: #000000 1px solid" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>114,898&nbsp; </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #f2f2f2; BORDER-TOP: #000000 1px solid" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>11,318&nbsp; </FONT></B></P></TD></TR></TABLE><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 10pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>9.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>INCOME TAX AND SOCIAL CONTRIBUTION</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(a)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Income tax and social contribution recognized in profit or loss:</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The income tax and social contribution recognized in profit or loss for the year are as follows:</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="41%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="29%" colSpan=3 noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Consolidated</FONT></B></P></TD>

   <TD width="1%" noWrap align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#333333 face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></FONT></B>

   <P></P></FONT></B>

   <P></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="29%" colSpan=3 noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#333333 face=arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Company&nbsp;</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="41%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2011</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2010</FONT></B></P></TD>

   <TD width="1%" noWrap align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></FONT></B>

   <P></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2011&nbsp; </FONT></B></P></TD>

   <TD width="1%" noWrap align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P></P></FONT></B>

   <P></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2010&nbsp; </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="41%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Income tax and social contribution income (expenses)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="41%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Current</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>(136,427)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>(363,429)</FONT></P></TD>

   <TD width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>(128,683)&nbsp; </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="41%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Deferred</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>52,542 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>(207,268)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>240,467&nbsp; </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>(36,434)&nbsp; </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="41%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>(83,885)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>(570,697)</FONT></B></P></TD>

   <TD width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>240,467&nbsp; </FONT></B></P></TD>

   <TD width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>(165,117)&nbsp; </FONT></B></P></TD></TR></TABLE><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>The reconciliation of Company and consolidated income tax and social contribution expenses and income and the result from applying the effective rate on profit before income tax (IRPJ) and social contribution (CSLL) are as follows:</FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

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<P style="TEXT-ALIGN: right">Page 50 of 110</P>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="41%" noWrap><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="29%" colSpan=3 noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt">Consolidated</FONT></B></P></TD>

   <TD width="1%" noWrap align=right><FONT style="FONT-SIZE: 8pt"><FONT style="FONT-FAMILY: arial"><B><FONT style="LINE-HEIGHT: normal" color=#333333>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-FAMILY: arial"><FONT style="FONT-SIZE: 8pt"><FONT style="LINE-HEIGHT: normal"></FONT></FONT></FONT></B></P></FONT></B>

   <P></P></FONT></FONT></TD>

   <TD width="29%" colSpan=3 noWrap align=right><FONT style="FONT-SIZE: 8pt"><FONT style="FONT-FAMILY: arial">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal" color=#333333></FONT></B></P></FONT></FONT>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-FAMILY: arial"><FONT style="FONT-SIZE: 8pt"><FONT style="LINE-HEIGHT: normal">Company&nbsp; </FONT></FONT></FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="41%" noWrap><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt">12/31/2011</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt">12/31/2010</FONT></B></P></TD>

   <TD width="1%" noWrap align=right><FONT style="FONT-SIZE: 8pt"><FONT style="FONT-FAMILY: arial"><B><FONT style="LINE-HEIGHT: normal">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-FAMILY: arial"><FONT style="FONT-SIZE: 8pt"><FONT style="LINE-HEIGHT: normal"></FONT></FONT></FONT></B></P></FONT></B>

   <P></P></FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="14%" noWrap align=right><FONT style="FONT-SIZE: 8pt"><FONT style="FONT-FAMILY: arial">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B></P></FONT></FONT>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-FAMILY: arial"><FONT style="FONT-SIZE: 8pt"><FONT style="LINE-HEIGHT: normal">12/31/2011&nbsp; </FONT></FONT></FONT></B></P></TD>

   <TD style="BORDER-TOP: #000000 1px solid" width="1%" noWrap align=right><FONT style="FONT-SIZE: 8pt"><FONT style="FONT-FAMILY: arial"><B><FONT style="LINE-HEIGHT: normal">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-FAMILY: arial"><FONT style="FONT-SIZE: 8pt"><FONT style="LINE-HEIGHT: normal"></FONT></FONT></FONT></B></P></FONT></B>

   <P>&nbsp;</P></FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="14%" noWrap align=right><FONT style="FONT-SIZE: 8pt"><FONT style="FONT-FAMILY: arial">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B></P></FONT></FONT>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-FAMILY: arial"><FONT style="FONT-SIZE: 8pt"><FONT style="LINE-HEIGHT: normal">12/31/2010&nbsp;</FONT></FONT></FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="41%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt" lang=EN-US>Profit before income tax and social contribution</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt">3,751,119</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt">3,086,888 </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt"></FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt">3,465,566&nbsp; </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt"></FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt">2,681,493&nbsp; </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="41%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt">Tax rate</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt">34%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt">34%</FONT></P></TD>

   <TD width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt">34%&nbsp; </FONT></P></TD>

   <TD width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt"></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt">34%&nbsp; </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="41%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt" lang=EN-US>Income tax and social contribution at combined statutory rate</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt">(1,275,380)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt">(1,049,542)</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt"></FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt">(1,178,292)&nbsp; </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt"></FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt">(911,708)&nbsp; </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="41%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt" lang=EN-US>Adjustment to reflect effective rate:</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="14%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="14%" noWrap align=right></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="41%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt">Interest on capital benefit</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt">121,312 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt">121,312&nbsp; </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="41%">

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt">Equity in investees</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt"></FONT></TD>

   <TD vAlign=bottom width="14%" noWrap align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">1,497,347&nbsp; </FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt"></FONT></TD>

   <TD vAlign=bottom width="14%" noWrap align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">508,987&nbsp; </FONT></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="41%">

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt" lang=EN-US>Income subject to special tax rates or untaxed</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt">1,279,431 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt">216,529 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="41%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt">Tax incentives</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt">73,134 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt">33,824 </FONT></P></TD>

   <TD width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt"></FONT></P></TD>

   <TD width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt">68,767&nbsp; </FONT></P></TD>

   <TD width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt"></FONT></P></TD>

   <TD width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt">33,824&nbsp; </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="41%">

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt" lang=EN-US>Adjustments arising from Law 11941 and MP 470 installment plans </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt">(16,060)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt">106,216 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt"></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt">(16,088)&nbsp; </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt"></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt">88,729&nbsp; </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="41%">

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt">Sale of nondeductible securities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt">(189,946)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt"></FONT></TD>

   <TD width="14%" noWrap align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(126,299)&nbsp; </FONT></TD>

   <TD width="1%" noWrap align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt"></FONT></TD>

   <TD width="14%" noWrap align=right></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="41%">

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt" lang=EN-US>Income tax and social contribution credits</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt">44,434 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="41%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt">Other permanent deductions (additions) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt">502 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt">964 </FONT></P></TD>

   <TD width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt"></FONT></P></TD>

   <TD width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt">(4,968)&nbsp; </FONT></P></TD>

   <TD width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt"></FONT></P></TD>

   <TD width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt">(6,261)&nbsp; </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="41%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt" lang=EN-US>Income tax and social contribution in profit (loss) for the period</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt">(83,885)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt">(570,697)</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt"></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #f2f2f2; BORDER-TOP: #000000 1px solid" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt">240,467&nbsp; </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt"></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #f2f2f2; BORDER-TOP: #000000 1px solid" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt">(165,117)&nbsp; </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="41%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt">Effective rate</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt">2%</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt">18%</FONT></B></P></TD>

   <TD width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt"></FONT></B></P></TD>

   <TD width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt">-7%&nbsp; </FONT></B></P></TD>

   <TD width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt"></FONT></B></P></TD>

   <TD width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt">6%&nbsp; </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 10pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(b)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Deferred income tax and social contribution:</FONT></B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>The deferred income tax and social contribution are calculated on tax losses of income tax, the negative social contribution basis and related temporary differences between the tax bases of assets and liabilities and the accounting balances of the financial statements.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 0px" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="41%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="29%" colSpan=3 noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Consolidated</FONT></B></P></TD>

   <TD vAlign=bottom width="1%" noWrap><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></FONT></B>

   <P></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="29%" colSpan=3 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Company&nbsp; </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="41%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2011</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2010</FONT></B></P></TD>

   <TD width="1%" noWrap><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></FONT></B>

   <P></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2011&nbsp; </FONT></B></P></TD>

   <TD width="1%" noWrap><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></FONT></B>

   <P></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2010&nbsp; </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" vAlign=bottom width="41%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Deferred tax assets</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="41%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Income tax loss carryforwards</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>425,406 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>4,944 </FONT></P></TD>

   <TD vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>392,991&nbsp; </FONT></P></TD>

   <TD vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" vAlign=bottom width="41%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Social contribution loss carryforwards</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>157,858 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>1,871 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>141,445&nbsp; </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="41%" noWrap>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Temporary differences</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>1,257,509 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>1,586,126 </FONT></B></P></TD>

   <TD vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>

   <TD vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>766,214&nbsp; </FONT></B></P></TD>

   <TD vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>

   <TD vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>854,437&nbsp; </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" vAlign=bottom width="41%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>- Provision for contingencies</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>211,835 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>240,753 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>200,225&nbsp; </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>218,143&nbsp; </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="41%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>- Allowance for asset impairment losses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>60,930 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>27,915 </FONT></P></TD>

   <TD vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>24,544&nbsp; </FONT></P></TD>

   <TD vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>27,546&nbsp; </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" vAlign=bottom width="41%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>- Allowance for inventory losses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>30,814 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>26,012 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>28,048&nbsp; </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>25,660&nbsp; </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="41%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>- Allowance for gains/losses on financial instruments </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>253,985 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>183,169 </FONT></P></TD>

   <TD vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>192,226&nbsp; </FONT></P></TD>

   <TD vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>116,753&nbsp; </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" vAlign=bottom width="41%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>- Accrued pension plan payments</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>144,066 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>103,033 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>144,297&nbsp; </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>96,021&nbsp; </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="41%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>- Accrued interest on capital</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>74 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>121,351 </FONT></P></TD>

   <TD vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>74&nbsp; </FONT></P></TD>

   <TD vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>121,351&nbsp; </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" vAlign=bottom width="41%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>- Allowance for long-term sales</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>1,221 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>1,221 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>1,221&nbsp; </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>1,221&nbsp; </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="41%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>- Accrued supplies and services</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>67,445 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>43,828 </FONT></P></TD>

   <TD vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>64,689&nbsp; </FONT></P></TD>

   <TD vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>31,371&nbsp; </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" vAlign=bottom width="41%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>- Allowance for doubtful debts</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>45,342 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>145,390 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>41,854&nbsp; </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>145,271&nbsp; </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="41%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>- Goodwill on acquisition</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>371,153 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>599,730 </FONT></P></TD>

   <TD vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>23,406&nbsp; </FONT></P></TD>

   <TD vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>36,780&nbsp; </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" vAlign=bottom width="41%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>- Other</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>70,644 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>93,726 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #f2f2f2" vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>45,630&nbsp; </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #f2f2f2" vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>34,318&nbsp; </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="41%" noWrap>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Non-current assets</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>1,840,773 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>1,592,941 </FONT></B></P></TD>

   <TD vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>1,300,650&nbsp; </FONT></B></P></TD>

   <TD vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>854,437&nbsp; </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="41%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" vAlign=bottom width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" vAlign=bottom width="14%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" vAlign=bottom width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" vAlign=bottom width="14%" noWrap align=right></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ffffff; PADDING-TOP: 0cm" vAlign=bottom width="41%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Deferred tax liabilities</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ffffff; PADDING-TOP: 0cm" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ffffff; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ffffff; PADDING-TOP: 0cm" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" vAlign=bottom width="41%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>- Adjustment to PP&amp;E useful lives (Law 11638/07)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>37,776 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" vAlign=bottom width="1%" noWrap align=right></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" vAlign=bottom width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="41%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>- Other (*)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>75 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>&nbsp;</TD>

   <TD vAlign=bottom width="1%" noWrap align=right></TD>

   <TD vAlign=bottom width="14%" noWrap align=right></TD>

   <TD vAlign=bottom width="1%" noWrap align=right></TD>

   <TD vAlign=bottom width="14%" noWrap align=right></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" vAlign=bottom width="41%" noWrap>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Non-current liabilities</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>37,851 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #f2f2f2; BORDER-TOP: #000000 1px solid" vAlign=bottom width="14%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" vAlign=bottom width="1%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #f2f2f2; BORDER-TOP: #000000 1px solid" vAlign=bottom width="14%" noWrap align=right>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(*) Related to a sole jurisdiction, thus presented at net amounts.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Some Group companies recognized tax credits on income tax and social contribution tax loss carryforwards not subject to statute of limitations and based on the history of profitability and expected future taxable profits determined in technical studies approved by Management.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV></DIV>

<P style="TEXT-ALIGN: right">Page 51 of 110</P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>In July 2010, the Company joined the REFIS (tax debt refinancing program) and elected to offset part of the balance of income tax and social contribution loss carryforwards as of December 31, 2009 recognized in part B of the LALUR (taxable income computation book), amounting to R$110,192 and R$39,669, respectively, against the four last installments of the tax refinancing plan, consisting of debts enrolled under Provisional Measure 470/09 and payable in 12 installments, as prescribed by relevant legislation.</FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Since they are subject to significant factors that may change the projections for realization, the carrying amounts of deferred tax assets are reviewed quarterly and projections are reviewed annually. These studies indicate the realization of these tax assets within the term stipulated by the mentioned instruction and the limit of 30% of the taxable profit.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Certain CSN subsidiaries have tax assets amounting to R$536.886 and R$167.504, related to income tax and social contribution loss carryforwards, for which no deferred taxes were set up, off which R$54 expires in 2012, R$9,726 in 2013, R$696 in 2014, R$27,976 in 2015, R$15 in 2016, R$46 in 2017 and R$44.138 in 2025. The remaining tax assets refer to domestic companies and, therefore, are not subject to statute of limitations.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>The tax benefit of goodwill of Nacional Min&#233;rios S.A., which arose on the merger of Big Jump in July 2009, amounted to R$1,391,858.Up to December 2011 a total amount of R$672,732 (R$394,360 up to 2010) had been realized, leaving a remaining amount of R$719,126, which will be realized through 2014. In 2012 and 2013, this realization will be R$278,37<FONT style="FONT-SIZE: 9pt" face=Arial>2</FONT> per year and in the last year, 2014, the benefit will be R$162,382.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>The undistributed profits of the Company&#8217;s foreign subsidiaries have been invested and will continue to be indefinitely invested in their operations. These undistributed profits of the Company&#8217;s foreign subsidiaries amounted to R$8,033,902 as of December 31, 2011 (R$2,434,537 as of December 31, 2010).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(c)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Income tax and social contribution recognized in equity</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The income tax and social contribution recognized directly in equity are as follows:</FONT></P>

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="29%" colSpan=3 noWrap>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Consolidated</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Company&nbsp; </FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2011</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2010</FONT></B></P></TD>

   <TD width="1%" noWrap><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></FONT></B>

   <P></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2011&nbsp; </FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></FONT></B>

   <P></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2010&nbsp; </FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Income tax and social contribution (losses)/gains</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="14%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="41%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Gain/(loss) on defined benefit pension plan </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>163,931 &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>125,065 </FONT></P></TD>

   <TD width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD width="14%" noWrap align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>163,867&nbsp; </FONT></P></FONT></TD>

   <TD width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>125,065&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="41%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Changes in the fair value on available-for-sale financial assets </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>241,484 &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>75,522 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="14%" noWrap align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>179,725&nbsp; </FONT></P></FONT></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>11,242&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="41%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Exchange variation on foreign operations </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>425,510 &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>433,297 </FONT></P></TD>

   <TD width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD width="14%" noWrap align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>425,510&nbsp; </FONT></P></FONT></TD>

   <TD width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>

   <TD width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>433,297&nbsp; </FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(d)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Tax incentives</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>The Company enjoys Income Tax incentives based on the legislation in effect, such as: Worker Food Program, the Rouanet Law (tax incentives related to cultural activities), Tax Incentives for Audiovisual Activities, and Funds for the Rights of Children and Adolescents. As of December 31, 2011, these tax incentives total R$1,914 (R$8,160 as of December 31, 2010).</FONT></P></DIV>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>10.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>OTHER NON-CURRENT ASSETS</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The group of other non-current assets is comprised as follows:</FONT></P>

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<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="41%" noWrap><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="29%" colSpan=3 noWrap><FONT style="FONT-SIZE: 8pt"><FONT style="FONT-FAMILY: arial">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal"></FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal"></FONT></B></P></FONT></FONT>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-FAMILY: arial"><FONT style="FONT-SIZE: 8pt"><FONT style="LINE-HEIGHT: normal">Consolidated</FONT></FONT></FONT></B></P></TD>

   <TD width="1%" noWrap align=right><FONT style="FONT-SIZE: 8pt"><FONT style="FONT-FAMILY: arial"><B><FONT style="LINE-HEIGHT: normal">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-FAMILY: arial"><FONT style="FONT-SIZE: 8pt"><FONT style="LINE-HEIGHT: normal"></FONT></FONT></FONT></B></P></FONT></B>

   <P></P></FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="29%" colSpan=3 noWrap align=right><FONT style="FONT-SIZE: 8pt"><FONT style="FONT-FAMILY: arial">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B></P></FONT></FONT>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-FAMILY: arial"><FONT style="FONT-SIZE: 8pt"><FONT style="LINE-HEIGHT: normal">Company&nbsp; </FONT></FONT></FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="41%" noWrap><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt">12/31/2011</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt">12/31/2010</FONT></B></P></TD>

   <TD width="1%" align=right><FONT style="FONT-SIZE: 8pt"><FONT style="FONT-FAMILY: arial"><B><FONT style="LINE-HEIGHT: normal">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-FAMILY: arial"><FONT style="FONT-SIZE: 8pt"><FONT style="LINE-HEIGHT: normal"></FONT></FONT></FONT></B></P></FONT></B>

   <P></P></FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT style="FONT-SIZE: 8pt"><FONT style="FONT-FAMILY: arial">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B></P></FONT></FONT>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-FAMILY: arial"><FONT style="FONT-SIZE: 8pt"><FONT style="LINE-HEIGHT: normal">12/31/2011&nbsp; </FONT></FONT></FONT></B></P></TD>

   <TD width="1%" align=right><FONT style="FONT-SIZE: 8pt"><FONT style="FONT-FAMILY: arial"><B><FONT style="LINE-HEIGHT: normal">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-FAMILY: arial"><FONT style="FONT-SIZE: 8pt"><FONT style="LINE-HEIGHT: normal"></FONT></FONT></FONT></B></P></FONT></B>

   <P></P></FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT style="FONT-SIZE: 8pt"><FONT style="FONT-FAMILY: arial">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B></P></FONT></FONT>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-FAMILY: arial"><FONT style="FONT-SIZE: 8pt"><FONT style="LINE-HEIGHT: normal">12/31/2010&nbsp; </FONT></FONT></FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="41%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt">Judicial deposits (Note 19)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt">1,760,814 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt">2,774,706 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt"></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt">1,683,775&nbsp; </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt"></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt">1,704,026&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="41%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt">Recoverable taxes (*)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt">257,977 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt">247,910 </FONT></P></TD>

   <TD width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt"></FONT></P></TD>

   <TD width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt">101,859&nbsp; </FONT></P></TD>

   <TD width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt"></FONT></P></TD>

   <TD width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt">122,868&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="41%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt">Prepaid expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt">115,853 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt">115,755 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt"></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt">24,560&nbsp; </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt"></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt">27,540&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="41%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt" lang=EN-US>Unrealized gains on derivatives (Note 15)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt">376,344 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt">254,231 </FONT></P></TD>

   <TD width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt"></FONT></P></TD>

   <TD width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt">374,455&nbsp; </FONT></P></TD>

   <TD width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt"></FONT></P></TD>

   <TD width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt">254,231&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="41%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt">Iron ore inventories</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt">144,483 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt">130,341 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt"></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt">144,483&nbsp; </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt"></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt">130,341&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="41%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt" color=#333333>Northeast Investment Fund - FINOR</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt">47,754 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="14%" noWrap><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="1%" noWrap align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt"></FONT></TD>

   <TD width="14%" noWrap align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">46,292&nbsp; </FONT></TD>

   <TD width="1%" noWrap align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt"></FONT></TD>

   <TD width="14%" noWrap align=right></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="41%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt" color=#333333>Others</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt">163,001 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt">153,137 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt"></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt">40,818&nbsp; </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt"></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #f2f2f2" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt">41,861&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="41%" noWrap><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt">2,866,226 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt">3,676,080 </FONT></B></P></TD>

   <TD width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt"></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt">2,416,242&nbsp; </FONT></B></P></TD>

   <TD width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt"></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: arial; FONT-SIZE: 8pt">3,280,867&nbsp; </FONT></B></P></TD></TR></TABLE><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif><BR>(*) Refers mainly to taxes on revenue (PIS/COFINS) and State VAT (ICMS) on the acquisition of fixed assets which will be recovered over a 48-month period. </FONT></P></DIV>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>11.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>INVESTMENTS</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>a)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Direct equity interests in subsidiaries and jointly controlled entities</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="16%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=middle width="48%" colSpan=13>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>12/31/2011</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=middle width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=middle width="6%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=middle width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=middle width="6%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=middle width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=middle width="6%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=middle width="14%" colSpan=4>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>12/31/2010</FONT></B></P></TD></TR>

<TR>

   <TD rowSpan=2 width="16%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" colSpan=3 align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>Number of shares</FONT></B></P>(in units)</FONT></B> </TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom rowSpan=2 width="6%" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>

   <P align=center></P><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>%</FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=center>Direct</P>interest</FONT></B> </TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom rowSpan=2 width="6%" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>

   <P align=center></P><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>Profit</FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=center>(loss)</P>for the year</FONT></B> </TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=center>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=center>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=center>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom rowSpan=2 width="6%" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>

   <P style="MARGIN: 0cm 0cm 0pt" align=center></P></FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>Profit</FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=center>(loss)</P>

   <P style="MARGIN: 0cm 0cm 0pt" align=center>for the year</P></FONT></B></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom rowSpan=2 width="6%" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>

   <P style="MARGIN: 0cm 0cm 0pt" align=center></P></FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>%</FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=center>Direct</P>

   <P style="MARGIN: 0cm 0cm 0pt" align=center>interest</P></FONT></B></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=center>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=center>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=center>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>Common</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>Preferred</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>Assets</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>Liabilities</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>Equity</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>Assets</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>Liabilities</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>Equity</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="16%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>Cia. Metalic Nordeste</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>92,293,156 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>11,100 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>156,915 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>40,579 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>116,336 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>14,667 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>153,707 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>48,472 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>105,235 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="16%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>INAL Nordeste S.A. (*)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>(3,595)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>(6,556)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>41,926 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>11,524 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>30,402 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="16%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>CSN A&#231;os Longos S. A.(**)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>(334)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>(3,953)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>529,833 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>265,516 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>264,317 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="16%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>GalvaSud S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>8,424 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="16%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>CSN Steel S.L. </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>1,204,072,527 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>425,720 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>4,042,029 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>268,566 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>3,773,463 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>(296,474)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>3,450,038 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>99,293 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>3,350,745 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="16%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>CSN Metals S.L. </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>256,951,582 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>173,097 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>1,147,456 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>6,682 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>1,140,774 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>(37,882)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>972,894 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>5,905 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>966,989 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="16%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>CSN Americas S.L. </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>151,877,946 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>576,562 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>1,394,255 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>5,598 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>1,388,657 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>124,758 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>964,271 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>4,857 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>959,414 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="16%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>CSN Minerals S. L.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>131,649,926 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>1,798,089 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>2,906,449 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>2,666 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>2,903,783 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>213,954 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>1,649,792 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>4,463 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>1,645,329 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="16%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>CSN Export Europe, S.L. </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>35,924,748 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>358,567 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>802,447 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>99,735 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>702,712 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>136,530 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>499,857 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>155,713 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>344,144 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="16%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>Companhia Metal&#250;rgica Prada</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>3,877,929 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>(208,736)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>527,885 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>276,475 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>251,410 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>(24,022)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>609,133 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>170,423 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>438,710 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="16%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>CSN Islands VII Corp.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>20,001,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>(931)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>407,707 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>382,240 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>25,467 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>(4,866)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>254,706 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>227,013 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>27,693 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="16%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>CSN Islands VIII Corp.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>2,501,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>(8,842)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>1,452,511 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>1,409,311 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>43,200 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>39,831 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>1,224,853 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>1,178,529 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>46,324 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="16%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>CSN Islands IX Corp.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>3,000,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>1,420 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>786,167 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>784,908 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>1,259 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>(3,686)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>698,345 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>698,567 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>(222)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="16%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>CSN Islands X Corp.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>1,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>(5,215)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>70 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>40,847 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>(40,777)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>(3,205)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>92 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>35,645 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>(35,553)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="16%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>CSN Islands XI Corp.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>50,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>871 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>1,438,225 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>1,431,699 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>6,526 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>(5,695)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>1,277,555 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>1,271,521 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>6,034 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="16%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>CSN Islands XII Corp.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>1,540 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>(112,535)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>1,735,094 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>1,874,226 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>(139,132)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>(29,194)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>1,634,731 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>1,663,926 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>(29,195)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="16%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>Tangua Inc.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>10 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>2,806 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>23,983 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>23,983 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>6,419 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>21,228 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>39 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>21,189 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="16%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>International Investment Fund </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>50,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>36,359 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>39,565 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>24,265 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>15,300 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>13,511 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>141,852 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>20,724 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>121,128 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="16%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>MRS Log&#237;stica S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>188,332,687 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>151,667,313 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>27.27 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>523,045 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>5,542,786 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>3,243,844 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>2,298,942 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>435,570 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>22.93 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>4,804,343 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>2,784,495 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>2,019,848 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="16%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>Transnordestina Log&#237;stica S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>1,792,784,817 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>728,683,109 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>70.91 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>(56,578)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>4,076,080 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>2,516,299 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>1,559,781 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>(817)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>76.45 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>2,801,908 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>1,995,861 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>806,047 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="16%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>Sepetiba Tecon S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>254,015,053 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>31,516 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>224,793 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>26,711 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>198,082 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>23,389 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>293,264 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>105,350 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>187,914 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="16%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>It&#225; Energ&#233;tica S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>520,219,172 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>48.75 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>54,568 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>801,335 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>162,812 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>638,523 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>45,958 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>48.75 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>852,239 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>255,324 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>596,915 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="16%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>CSN Energia S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>26,123 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>(1,689)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>30,042 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>13,800 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>16,242 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>(20,947)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>17,929 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>(1)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>17,930 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="16%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>Estanho de Rond&#244;nia S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>34,236,307 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>15,263 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>41,692 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>11,918 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>29,774 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>3,417 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>27,684 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>9,548 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>18,136 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="16%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>Congonhas Min&#233;rios S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>64,610,863 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>(22,557)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>2,014,364 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>2,015,562 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>(1,198)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>(12,865)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>2,035,285 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>2,013,926 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>21,359 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="16%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>Minera&#231;&#227;o Nacional S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>1,000,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>85 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>1,090 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>23 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>1,067 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>48 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>1,048 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>2 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>1,046 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="16%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>Nacional Min&#233;rios S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>475,067,405 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>60.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>2,105,113 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>13,857,646 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>1,684,561 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>12,173,085 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>1,974,019 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>59.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>13,688,670 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>2,934,166 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>10,754,504 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="16%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>CSN Cimentos S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>3,589,478,498 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>32,413 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>1,221,115 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>157,207 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>1,063,908 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>(15,382)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>1,217,313 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>854,590 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>362,723 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="16%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>Florestal Nacional S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>15,474,625 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>(69,731)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>386,218 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>681,574 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>(295,356)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>(23,266)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>449,901 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>525,806 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=arial,sans-serif>(75,905)</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(*) Merged on May 30, 2011<BR></FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(**) Merged on January 28, 2011</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The number of shares, the profit or loss amounts for the period, and the equity refer to 100% of the companies&#8217; performance.</FONT></P></DIV>

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<P style="TEXT-ALIGN: right">Page 53 of 110</P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>b)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Changes in investments in subsidiaries and jointly controlled entities</FONT></B></P>

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2011</FONT></B></P></TD>

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2010</FONT></B></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="69%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Opening balance of investments</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>17,023,295 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>13,860,165 </FONT></B></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="69%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Opening balance of allowance for losses</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>(140,875)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>(51,246)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="69%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Capital increase/acquisition of shares</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>3,240,582 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>2,430,965 </FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Dividends</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>(853,316)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>(622,544)</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="69%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Equity in investees</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>4,397,137 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>1,438,170 </FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="69%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Comprehensive income (*)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>(1,281,507)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>(161,036)</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="69%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Merger of subsidiary (**)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>(290,789)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="69%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Other </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>2,900 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>(12,054)</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="69%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Closing balance of investments</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>22,573,890 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>17,023,295 </FONT></B></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="69%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Closing balance of allowance for losses</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>(476,463)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>(140,875)</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>(*) Refers to the mark-to-market of investments classified as available-for-sale and the translation into the presentation currency, and, as described in Note 11.f, the Company disposed of its interest in Riversdale;</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>(**) Merger of CSN A&#231;os Longos on January 28, 2011 and Inal Nordeste on May 30, 2011.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>c)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Additional information on the main operating subsidiaries</FONT></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CIA. METALIC NORDESTE</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Headquartered in Maracana&#250;, State of Cear&#225;, it is engaged in manufacturing metal containers basically sold to beverage industry.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>It operating unit is ranked as one of the most modern in the world with two different production lines: Cans - the raw material is tine-coated steel supplied by the parent company. Lids - the raw material is aluminum.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Its production is mainly sold in Brazil&#8217;s North and Northeastern market, and the lid surplus is sold in the foreign market.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>INAL NORDESTE</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Headquartered in Cama&#231;ari, State of Bahia, it is engaged in reprocessing and working as distributor of CSN steel products as a service and distribution center in the Northeast of Brazil.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>On May 30, 2011, CSN merged subsidiary Inal Nordeste.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CSN A&#199;OS LONGOS</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Headquartered in Volta Redonda, State of Rio de Janeiro, it is engaged in the manufacture and sale of long steel, except tubes.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>This company started the construction of its plant on October 2, 2009, and operations are scheduled to start in 2012.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>This company was merged into CSN on January 28, 2011.The merger optimized processes, reduced and streamlined administrative costs, notably managerial costs, by concentrating all sales, operating and administrative activities of both companies in a single organizational framework.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>COMPANHIA METAL&#218;RGICA PRADA</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Steel containers</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>In the market since 1936, Companhia Metal&#250;rgica Prada in engaged in the manufacture and sale of steel containers, producing the best and safest cans, pails and spray cans. It supplies containers and lithography services to the main companies in the chemical and food industries.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>In its two production units&#8212;S&#227;o Paulo and Uberl&#226;ndia&#8212;Prada produces over one billion steel cans per year, a performance due to the combination of the qualities gathered throughout the company&#8217;s history.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>On July 12, 2011, Companhia Metal&#250;rgica Prada conducted a capital increase in Companhia Brasileira de Latas (&#8220;CBL&#8221;) through the capitalization of debentures and other receivables. As a result, Companhia Metal&#250;rgica Prada became the holder of L&#8217;s control, with an equity interest equivalent to 59.17% of its voting capital.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Companhia Brasileira de Latas is engaged in the manufacturing of steel containers supplied to the main companies in the chemical and food industries.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Distribution</FONT></I></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>The Distribution unit is engaged in the processing and distribution of steel sheet and plates and has a diversified product line. It supplies spools, rolls, plates, stripes, blanks, metal sheets, shapes, tubes, tiles, and other products to different manufacturing industries, from automotive to construction. The materials manufactured by the Distribution unit are produced using hot-rolled steel, cold-rolled steel, hot dip galvanized steel, tinfoil, and chrome-plated, uncoated, pre-painted steel, and Galvalume. The Distribution unit is also specialized in providing steel processing services, meeting the demand from nationwide companies.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>SEPETIBA TECON</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>It is engaged in operating Container Terminal No. 1 of the Itagua&#237; Port, located in Itagua&#237;, State of Rio de Janeiro. The terminal is connected to UPV by the Southeast railroad network, the concession of which is granted to MRS Log&#237;stica. </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The services provided under this agreement are the handling and storage of containers, vehicles, steel and other products, and container washing and sanitization.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Sepetiba Tecon won the auction held on September 3, 1998 for the terminal concession, which allows it to operate the terminal during a 25-year period, extendable for another 25 periods.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Upon concession termination, all rights and privileges transferred to Tecon will be handed back to the Federal Government, together with the assets owned by Tecon and those resulting from investments made by Tecon in leased assets, declared as returnable assets by the Federal Government as they are necessary to the continuity of the related services. Any assets declared as returnable assets will be compensated by the Federal Government at their residual value, calculated based on Tecon&#8217;s accounting records, less depreciation.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CSN ENERGIA</FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>It is primarily engaged in the distribution and sale of electric power surpluses generated by CSN and companies, consortiums or other ventures in which the Company holds equity interests.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>TRANSNORDESTINA LOG&#205;STICA</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>It is primarily engaged in the operation and development of the railroad freight transportation public service in the Northeast of Brazil network.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>As of December 31, 2008 the Company&#8217;s equity interest in the share capital on Transnordestina Log&#237;stica S.A. (&#8220;TLSA&#8221;) was 84.49%.Currently TLSA is a CSN subsidiary, consolidated into the Company&#8217;s financial statements since December 2009, when CSN reached an 84.97% interest in its capital, equivalent to 740,372,383 common shares. The consolidation of TLSA into the Company&#8217;s financial statements resulted in the capital increases conducted by CSN in 2009 and that were not followed up by the shareholder Taquari Participa&#231;&#245;es S.A. In that year, Fundo de Investimentos do Nordeste &#8211; FINOR subscribed to 45,513,333 new preferred shares to hold 5.22% of TLSA&#8217;s capital at the end of 2009.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>In 2010, FINOR transferred its 45,513,333 preferred shares to CSN&nbsp;and subsequently subscribed to another 61,286,145 new preferred shares that had previously been transferred to BNDES and BNDESPAR, and zeroed its interest in that same year.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>As of December 31, 2010 the Company held a total of 914,636,803 common shares and 45,513,333 preferred shares, representing 76.45% of TLSA&#8217;s share capital.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>As at June 30, 2011 the interest in TLSA&#8217;s share capital was 82.91% because of the capital increase approved on February 28, 2011, when the Company subscribed to another 474,520,512 new common shares issued by Transnordestina.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>In July 2011, VALEC subscribed to 257,187,500 preferred shares.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>In the period from July to December 2011 FINOR paid in 215,631,956 preferred shares and transferred 156,507,002 to certain shareholders of Transnordestina, of which 35,116,275 were transferred to CSN.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Due to these changes in Transnordestina&#8217;s share capital, as of December 31, 2011 CSN held 70.91% of this company&#8217;s share capital.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>ESTANHO DE ROND&#212;NIA - ERSA</FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Headquartered in the State of Rond&#244;nia, this subsidiary operates two units, one in the city of Itapu&#227; do Oeste and the other one in the city of Ariquemes. In Itapu&#227; do Oeste, where the mining business unit is based, it mines cassiterite (tin ore) while in Ariquemes it operates a foundry to obtain metallic tin, the raw material used by UPV for the production of tin plates.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CSN CIMENTOS</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Headquartered in Volta Redonda, State of Rio de Janeiro, it is engaged in the production and sale of cement and uses as one of its raw materials the blast furnace slag from the pig iron production of UPV.CSN Cimentos started to operate on May 14, 2009.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>At the beginning of 2011, CSN Cimentos started manufacturing clinker in its Arcos plant, in Minas Gerais.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Investments in jointly controlled entities</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>The balances of the balance sheets and income statements of the companies under shared control are stated below and have been consolidated into the Company&#8217;s financial statements according to the percentage equity interests described in item (b) of Note 2.</FONT></P>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="34%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2011</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2010</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="34%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Nacional<BR>Min&#233;rios (*)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>MRS Log&#237;stica</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>It&#225; Energ&#233;tica</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Nacional<BR>Min&#233;rios (*)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>MRS Log&#237;stica</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>It&#225; Energ&#233;tica</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Current assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>4,155,543 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>917,291 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>81,729 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>3,937,574 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>1,034,466 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>82,817 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Non-current assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>9,526,804 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>4,625,495 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>719,606 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>9,519,584 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>3,769,877 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>769,422 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Long-term receivables</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>8,422,434 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>336,439 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>44,239 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>8,570,421 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>476,757 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>48,850 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Investments, PP&amp;E and intangible assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>1,104,370 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>4,289,056 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>675,367 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>949,163 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>3,293,120 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>720,572 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Total assets</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>13,682,347 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>5,542,786 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>801,335 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>13,457,158 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>4,804,343 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>852,239 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="34%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Current liabilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>1,260,068 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>1,108,938 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>100,175 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>1,273,436 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>1,015,234 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>115,454 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Non-current liabilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>307,352 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>2,134,906 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>62,637 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>1,455,604 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>1,769,261 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>139,870 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Total equity</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>12,114,927 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>2,298,942 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>638,523 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>10,728,118 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>2,019,848 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>596,915 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Total liabilities and equity</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>13,682,347 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>5,542,786 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>801,335 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>13,457,158 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>4,804,343 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>852,239 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(*) Refer to the consolidated balances and profit or loss of Nacional Min&#233;rios S. A.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="34%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2011</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2010</FONT></B></P></TD></TR>

<TR style="HEIGHT: 22.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 22.5pt; PADDING-TOP: 0in" vAlign=bottom width="34%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 22.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 22.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Nacional Min&#233;rios (*)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 22.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 22.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>MRS Log&#237;stica</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 22.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 22.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>It&#225; Energ&#233;tica</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 22.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 22.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Nacional Min&#233;rios (*)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 22.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 22.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>MRS Log&#237;stica</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 22.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 22.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>It&#225; Energ&#233;tica</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="34%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Net operating revenue</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>3,766,712 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>2,862,337 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>242,913 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>2,937,169 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>2,247,101 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>222,594 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="34%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Cost of sales and services</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>(1,646,011)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>(1,732,552)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>(81,692)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>(1,109,067)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>(1,326,655)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>(76,600)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="34%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Gross profit</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>2,120,701 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>1,129,785 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>161,221 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>1,828,102 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>920,446 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>145,994 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="34%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Operating (expenses) income</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>(634,475)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>(199,754)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>(66,223)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>(476,621)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>(306,668)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>(52,422)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="34%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Finance income (costs), net</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>1,016,743 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>(134,272)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>(12,327)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>1,016,778 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>38,243 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>(23,890)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="34%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Profit before income tax and social contribution</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>2,502,969 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>795,759 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>82,671 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>2,368,259 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>652,021 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>69,682 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="34%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Current and deferred income tax and social contribution</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>(429,226)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>(272,714)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>(28,103)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>(412,989)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>(216,451)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>(23,724)</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="34%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Profit for the period</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>2,073,743 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>523,045 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>54,568 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>1,955,270 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>435,570 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>45,958 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>NACIONAL MIN&#201;RIOS &#8211; NAMISA</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Headquartered in Congonhas, State of Minas Gerais, this company is primarily engaged in the production, purchase and sale of iron ore and is mainly focused on foreign markets for sale of its products. Its major operations are carried out in the cities of Congonhas, Ouro Preto, Itabirito and Rio Acima, in the State of Minas Gerais, and in Itagua&#237;, in the State of Rio de Janeiro.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>In December 2008 CSN sold 2,271,825 shares of the voting capital of Nacional Min&#233;rios S.A. to the company Big Jump Energy Participa&#231;&#245;es S.A.(Big Jump), the shareholders of which are the companies Posco and Brazil Japan Iron Ore Corp (Itochu Corporation, JFE Steel Corporation, Sumitomo Metal Industries, Ltd., Kobe Steel Ltd., Nisshin Steel Co. Ltd., Nippon Steel).Subsequent to this sale, Big Jump subscribed to new shares, paying up in cash the total amount of US$3,041,473 thousand, corresponding to R$7,286,154, of which R$6,707,886 was recognized as goodwill on the share subscription.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Due to the new corporate structure of the jointly controlled entity, where Big Jump holds 40% and CSN 60%, and in view of the shareholders&#8217; agreement signed by the parties, CSN consolidates it proportionately.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Such shareholders&#8217; agreement prescribes that certain situations of severe impasse between the shareholders that are not resolved after mediation and negotiation procedures between the executive officers of the parties may give CSN the right to exercise its call option and Big Jump the right to exercise its put option regarding the equity interest held by Big Jump in Namisa.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Other agreements signed, in order to make such association feasible, among them the agreement for purchase of shares and the long-term operating agreements between Namisa and CSN, provide for certain obligations to do that, if not complied with or remedied within the stipulated deadlines in certain extreme situations may give rise to the right on the part of the aggrieved party to exercise its put or call option, as the case may be, with respect to the equity interest held by Big Jump in Namisa.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Further to the process of restructuring Namisa, on July 30, 2009 this jointly controlled entity merged its parent Big Jump Energy Participa&#231;&#245;es S.A., such that Posco and Brazil Japan Iron Corp. began holding a direct interest in Namisa. There was no change in the equity interest held by CSN as a result of this merger transaction.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>In July and November 2011, respectively, Nippon Steel and Sumitomo Metal Industries, until then members of the BJIOC consortium, sold their interests to the other members and, with the entry of the new shareholder China Steel Corp. (CSC), the new corporate structure of Namisa started to be as follows: CSN 60%, BJIOC 32.52%, Posco 6.48% and CSC 1%.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>MRS LOG&#205;STICA</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>This subsidiary is engaged in providing public railroad freight transportation services, on the basis of an onerous concession agreement, on the tracks of the Southeast Network, located between the cities of Rio de Janeiro, S&#227;o Paulo and Belo Horizonte, previously belonging to Rede Ferrovi&#225;ria Federal S.A.- RFFSA, which was privatized on September 20, 1996.In 2008 CSN transferred to Namisa in the form of a capital contribution a 10% equity interest of MRS, decreasing its direct interest from 32.93% to 22.93%. Thus, CSN still holds indirect interests of 6%, through its subsidiary Nacional Min&#233;rios S.A.&#8211; Namisa, a proportionately consolidated entity.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>In 2010 CSN held an indirect interest of 4.34% through its subsidiary International Investment Fund (IIF).On December 23, 2011 IIF distributed dividends to CSN, paid with the transfer of MRS shares to CSN.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>As of December 31, 2011, the Company held a direct interest of 27.27%.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>MRS can also engage in modal transportation services related to railroad transportation and also participate in projects aimed at expanding the railroad services granted on a concession basis.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>For provision of the services covered by the concession agreement obtained for a period of 30 years starting on December 1, 1996, extendable for an equal period by exclusive decision of the concession grantor, MRS leased from RFFSA for the same concession period the assets required for operation and maintenance of the railroad freight transportation activities. Upon extinction of the concession, all leased assets will be transferred to the ownership of the railroad transportation operator designated in that same act.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>IT&#193; ENERG&#201;TICA S.A. - ITASA</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>CSN holds 48.75% of the subscribed capital and all the common shares issued by Itasa, a special purpose company originally created to carry out the construction of the It&#225; hydroelectric power plant: contracting for the supply of goods and services necessary to carry out the project and raising funds, including posting the corresponding guarantees.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT size=2></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Itasa has a 60.5% stake in Cons&#243;rcio It&#225;, which was created to operate the It&#225; hydroelectric power plant, pursuant to the concession agreement of December 28, 1995 and its 1st amendment, dated July 31, 2000, signed between the members of the consortium (Itasa and Centrais Geradoras do Sul do Brasil - Gerasul, formerly named Tractebel Energia S.A.), granted by the federal government through the Ag&#234;ncia Nacional de Energia El&#233;trica, or ANEEL (National Electric Power Agency), which expires in October 2030.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Under the terms of the concession agreement, ITASA has the right to 60.5% of an average of 668 MW, the quantity corresponding to the project energy prorated among the consortium members, with the other consortium member Tractebel Energia S.A.(&#8216;Tractebel&#8221;) being entitled to the remaining 39.5%.Of the average of 404.14 MW to which this subsidiary is entitled, an average of 342.95 MW is sold to its shareholders in proportion to their equity interest in the company, and an average of 61.19 MW is sold to consortium member Tractebel.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=PT-BR face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=PT-BR face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=PT-BR face=Arial,sans-serif>CONS&#211;RCIO DA USINA HIDREL&#201;TRICA DE IGARAPAVA</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=PT-BR face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Igarapava Hydroelectric Power Plant is located in Rio Grande, which is located 400 kilometers from Belo Horizonte and 450 kilometers from S&#227;o Paulo, with installed capacity of 210 MW. It consists of 5 bulb type generating units and is considered a major mark for power generation in Brazil.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Igarapava stands out for being the first hydroelectric power plant built through a consortium involving five major companies.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CSN holds 17.92% of the subscribed capital of the consortium, whose specific purpose is the distribution of electric power, which is made according to the percentage equity interest of each company.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>The balance of property, plant and equipment less depreciation as of December 31, 2011 is R$31,751 (R$32,919 as of December 31, 2010) and the amount of the expense attributable to CSN is R$6,366 (R$7,333 as of December 31, 2010).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=PT-BR face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=PT-BR face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=PT-BR face=Arial,sans-serif>COMPANHIA BRASILEIRA DE SERVI&#199;OS DE INFRAESTRUTURA</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>In December 2011, CSN subscribed to 1,876,146 common shares, corresponding to 50% of the capital of CBSI - Companhia Brasileira de Servi&#231;os de Infraestrutura (&#8220;CBSI&#8221;).The investment is the result of a joint venture between CSN and CKLS Servi&#231;os Ltda. based in the city of Arauc&#225;ria, PR.CBSI is primarily engaged in providing services to subsidiaries, associates, controlling companies and third-party entities, and can operate activities related to the assembly and installation of industrial machinery, construction, road recovery and paving, construction of plants, electric stations and substations, special engineering services to design structural projects, and other related activities.</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=#1f497d face=arial,sans-serif>&nbsp;&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>d)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Additional information on indirect interests held abroad</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=PT-BR face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: char; FONT-SIZE: 7pt" lang=PT-BR face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=PT-BR face=Arial,sans-serif>COMPANHIA SIDERURGICA NACIONAL &#8211; LLC (&#8220;CSN LLC&#8221;)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=PT-BR face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Incorporated in 2001 with the assets and liabilities of the liquidated Heartland Steel Inc., headquartered in Wilmington, State of Delaware, USA, it has an industrial plant in Terre Haute, State of Indiana, USA, where there is a complex comprising a cold rolling line, a hot pickling line for spools and a galvanization line.CSN LLC is a wholly-owned indirect subsidiary of CSN Americas.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: char; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: char; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>LUSOSIDER</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Incorporated in 1996 in succession to Siderurgia Nacional &#8211; a company privatized by the Portuguese government that year. Lusosider is the only Portuguese steel company to produce cold-re-rolled flat steel, with a corrosion-resistant coating. The company provides in Paio Pires an installed capacity of around 550,000 metric tons per year to produce four large groups of steel products: galvanized plate, cold-rolled plate, pickled and oiled plate.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Products manufactured by Lusosider may be used in the packaging industry, civil construction (pipes and metallic structures), and in home appliance components.</FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>e)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Other investments</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>RIVERSDALE MINING LIMITED - Riversdale</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>On April 20, 2011, the Company adhered to the tender offer of Riversdale Mining Limited (&#8220;Riversdale&#8221;) shares conducted by Rio Tinto. Therefore, the Company sold 100% of its equity interest held in Riversdale&#8217;s share capital, corresponding to 47,291,891 shares at the price of A$16.50 per share, totaling </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>A$780,316.&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>PANATL&#194;NTICA</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>On January 5, 2010, the Company&#8217;s Board of Directors approved the acquisition of common shares representing 9.39% of the capital stock of Panatl&#226;ntica S.A. (&#8220;Panatl&#226;ntica&#8221;), a publicly-held company, headquartered in the city of Gravata&#237;, State of Rio Grande do Sul, engaged in the manufacturing, trade, import, export and processing of steel and ferrous or non-ferrous metals, coated or not. This investment is carried at fair value</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>.&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>USIMINAS</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Usinas Sider&#250;rgicas de Minas Gerais S.A. &#8211; USIMINAS, headquartered in Belo&nbsp;Horizonte, State of Minas Gerais, is engaged in steel and related operations. USIMINAS produces flat rolled steel in the Intendente C&#226;mara and Jos&#233; Bonif&#225;cio de Andrada e Silva plants, located in Ipatinga, Minas Gerais, and Cubat&#227;o, S&#227;o Paulo, respectively, to be sold in the domestic market and also for exports, and it also exploits iron ore mines located in Ita&#250;na, Minas Gerais, to meet its verticalization and production cost optimization strategies. USIMINAS also has service and distribution centers located in several regions of Brazil, and the Cubat&#227;o, S&#227;o Paulo, and Praia Mole, Esp&#237;rito Santo, ports, as well as in locations strategic for the shipment of its production.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>As of December 31, 2011, the Company reached holdings of 11.97% in common shares and 20.14% in preferred shares of Usiminas&#8217; share capital.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 100%; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>USIMINAS is
listed on the S&#227;o Paulo Stock Exchange (&#8220;Bovespa&#8221;: USIM3 and USIM5).</FONT></P>
<a name="_bclHeader61"></a><DIV>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>12.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>PROPERTY, PLANT AND EQUIPMENT</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
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<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>

  <TR style="HEIGHT: 10.9pt">
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="30%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="69%" colSpan=13 align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Consolidated</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 32.65pt">
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=top width="30%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="9%" align=center>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Land</FONT></B></P></TD>
    <TD vAlign=middle width="1%" align=center>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="9%" align=center>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Buildings</FONT></B></P></TD>
    <TD vAlign=middle width="1%" align=center>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="9%" align=center>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Machinery, equipment and
facilities</FONT></B></P></TD>
    <TD vAlign=middle width="1%" align=center>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="9%" align=center>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Furniture and fixtures</FONT></B></P></TD>
    <TD vAlign=middle width="1%" align=center>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="9%" align=center>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Construction in progress</FONT></B></P></TD>
    <TD vAlign=middle width="1%" align=center>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="9%" align=center>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Other (*)</FONT></B></P></TD>
    <TD vAlign=middle width="1%" align=center>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="9%" align=center>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Total</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Balance at December 31,2009</FONT></B></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>126,059 </FONT></B></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,289,511 </FONT></B></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>6,243,494 </FONT></B></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>22,415 </FONT></B></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,089,735 </FONT></B></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,362,133 </FONT></B></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>11,133,347 </FONT></B></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">
      <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Effect of foreign exchange differences</FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,659)</FONT></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(175)</FONT></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(2,762)</FONT></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(50)</FONT></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(746)</FONT></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(10,373)</FONT></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(15,765)</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">
      <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Acquisitions</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,481,249 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,481,249 </FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">
      <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Derecognized projects</FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(15,501)</FONT></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(15,501)</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">
      <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Disposals </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(5,065)</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(22)</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>14,760 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>9,673 </FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">
      <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Transfers to other categories of
assets</FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>10,785 </FONT></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>159,987 </FONT></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,343,721 </FONT></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>10,591 </FONT></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,040,761)</FONT></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(484,323)</FONT></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">
      <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Depreciation</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(74,344)</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(677,266)</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(4,469)</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(36,877)</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(792,956)</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">
      <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Other </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>40,607 </FONT></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(161,371)</FONT></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>71,902 </FONT></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(38)</FONT></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,830 </FONT></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>23,590 </FONT></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(23,480)</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Balance at December 31,2010</FONT></B></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>175,792 </FONT></B></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,213,608 </FONT></B></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>6,974,024 </FONT></B></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>28,427 </FONT></B></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4,515,806 </FONT></B></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>868,910 </FONT></B></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>13,776,567 </FONT></B></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">
      <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Effect of foreign exchange differences</FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,234 </FONT></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,640 </FONT></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>16,377 </FONT></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>135 </FONT></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(157)</FONT></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,162 </FONT></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>23,391 </FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">
      <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Acquistion through business
combination</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,325 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>10,805 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>14,050 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>562 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4,204 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>90,572 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>123,518 </FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">
      <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Acquisitions</FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4,400,828 </FONT></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4,400,828 </FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">
      <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Derecognized projects</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(3,778)</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(3,778)</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">
      <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Disposals </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(6,719)</FONT></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(30,059)</FONT></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(17)</FONT></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(13,294)</FONT></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(50,089)</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">
      <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Depreciation </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(39,364)</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(821,672)</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(4,931)</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(65,441)</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(931,408)</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">
      <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Reversal of allowance for loss on asset
      disposal</FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4,774 </FONT></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4,774 </FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">
      <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Transfers to other categories of assets
    </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>14,233 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>273,320 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,477,118 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>9,172 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,848,785)</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>74,942 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">
      <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Transfers to intangible assets</FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(11,104)</FONT></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(383)</FONT></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(11,487)</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">
      <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Other </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(170)</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(4,883)</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>54 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(695)</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>50,454 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>44,760 </FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Balance at December 31,2011</FONT></B></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>194,584 </FONT></B></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,455,120 </FONT></B></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>7,624,955 </FONT></B></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>33,402 </FONT></B></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>7,056,319 </FONT></B></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,012,696 </FONT></B></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>17,377,076 </FONT></B></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"></P>
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P></DIV>
<DIV align=left>
<TABLE style="WIDTH: 0px" border=0 cellSpacing=0 cellPadding=0>

  <TR style="HEIGHT: 10.9pt">
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="30%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="69%" colSpan=13 align=center>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Company</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 32.65pt">
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=top width="30%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="9%" align=center>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Land</FONT></B></P></TD>
    <TD vAlign=middle width="1%" align=center>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="9%" align=center>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Buildings</FONT></B></P></TD>
    <TD vAlign=middle width="1%" align=center>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="9%" align=center>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Machinery, equipment and
facilities</FONT></B></P></TD>
    <TD vAlign=middle width="1%" align=center>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="9%" align=center>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Furniture and fixtures</FONT></B></P></TD>
    <TD vAlign=middle width="1%" align=center>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="9%" align=center>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Construction in progress</FONT></B></P></TD>
    <TD vAlign=middle width="1%" align=center>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="9%" align=center>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Other (*)</FONT></B></P></TD>
    <TD vAlign=middle width="1%" align=center>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="9%" align=center>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Total</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Balance at December 31,2009</FONT></B></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>83,215 </FONT></B></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>681,343 </FONT></B></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>5,353,316 </FONT></B></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>15,647 </FONT></B></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,107,449 </FONT></B></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>180,194 </FONT></B></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>7,421,164 </FONT></B></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">
      <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Acquisitions through business
    combination</FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>697 </FONT></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>36,648 </FONT></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>189,069 </FONT></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,349 </FONT></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>367 </FONT></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>228,130 </FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">
      <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Acquisitions </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,394,641 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,394,641 </FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">
      <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Derecognized projects</FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(15,419)</FONT></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(15,419)</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">
      <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Disposals </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(407)</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(5)</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>15,042 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>14,630 </FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">
      <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Transfers to other categories of
assets</FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>10,221 </FONT></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>69,390 </FONT></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>716,332 </FONT></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>8,349 </FONT></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(840,380)</FONT></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>36,088 </FONT></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">
      <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Depreciation</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(20,555)</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(591,130)</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(3,385)</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(7,712)</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(622,782)</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">
      <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Other</FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(15,523)</FONT></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(2)</FONT></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,891 </FONT></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>24,686 </FONT></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12,052 </FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Balance at December 31,2010</FONT></B></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>94,133 </FONT></B></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>766,826 </FONT></B></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>5,651,657 </FONT></B></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>21,953 </FONT></B></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,649,182 </FONT></B></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>248,665 </FONT></B></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>8,432,416 </FONT></B></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">
      <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Merger of subsidiaries (Note 11)</FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>258 </FONT></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>6,663 </FONT></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>5,343 </FONT></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>577 </FONT></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>506,676 </FONT></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>547 </FONT></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>520,064 </FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">
      <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Acquisitions</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,015,015 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,015,015 </FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">
      <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Derecognized projects</FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(411)</FONT></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(411)</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">
      <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Disposals </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(16,247)</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(18)</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(16,265)</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">
      <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Depreciation </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(23,421)</FONT></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(718,246)</FONT></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(3,925)</FONT></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(11,507)</FONT></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(757,099)</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">
      <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Reversal of allowance for loss on asset
      disposal</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>8,701 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>8,701 </FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">
      <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Transfers to other categories of
assets</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>8,282 </FONT></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>54,241 </FONT></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>923,169 </FONT></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>6,703 </FONT></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,027,494)</FONT></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>35,099 </FONT></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">
      <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Transfers to intangible assets</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(2,522)</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(2,522)</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">
      <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Other </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(492)</FONT></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>23 </FONT></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(114)</FONT></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>48,529 </FONT></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>47,946 </FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Balance at December 31,2011</FONT></B></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>102,673 </FONT></B></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>804,309 </FONT></B></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>5,845,184 </FONT></B></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>25,313 </FONT></B></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,140,332 </FONT></B></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>330,034 </FONT></B></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>10,247,845 </FONT></B></P></TD></TR>
  <TR style="HEIGHT: 5.05pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.05pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.05pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.05pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.05pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.05pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.05pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.05pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.05pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(*) In consolidated, refer basically to railway assets,
such as yards, tracks and railway sleepers. In Company, it also includes
leasehold improvements, vehicles, hardware, mines and fields and replacement
storeroom supplies.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The breakdown of the projects comprising construction in
progress is as follows:</FONT></P></DIV></DIV>
<DIV></DIV>
<P style="TEXT-ALIGN: right">Page 60 of 110</P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></P>

<P></P>

<a name="_bclHeader62"></a><DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P></DIV></DIV>

<DIV align=left>

<TABLE style="WIDTH: 0px" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 13.55pt">

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.55pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 13.55pt; PADDING-TOP: 0cm" vAlign=top width="88%" colSpan=9 align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Consolidated</FONT></B></P></TD></TR>

<TR style="HEIGHT: 22.45pt">

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 22.45pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 22.45pt; BORDER-TOP: #000000 1px solid; PADDING-TOP: 0cm" vAlign=middle width="40%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Project objective</FONT></B></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 22.45pt; BORDER-TOP: #000000 1px solid; PADDING-TOP: 0cm" vAlign=middle width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Start date</FONT></B></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 22.45pt; BORDER-TOP: #000000 1px solid; PADDING-TOP: 0cm" vAlign=middle width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Scheduled completion</FONT></B></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 22.45pt; BORDER-TOP: #000000 1px solid; PADDING-TOP: 0cm" vAlign=middle width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2010</FONT></B></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 22.45pt; BORDER-TOP: #000000 1px solid; PADDING-TOP: 0cm" vAlign=middle width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2011</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="52%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Construction in Progress - Main projects</FONT></U></B></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt; TEXT-DECORATION: none" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt; TEXT-DECORATION: none" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt; TEXT-DECORATION: none" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt; TEXT-DECORATION: none" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt; TEXT-DECORATION: none" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt; TEXT-DECORATION: none" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt; TEXT-DECORATION: none" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 13.55pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.55pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Logistics</FONT></B></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.55pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.55pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.55pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.55pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,889,411 </FONT></B></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.55pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,795,760 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 0pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=bottom width="11%"></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%"></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Expansion of Transnordestina railroad around 1,728 km to boost the transportation of varied products as iron ore, limestone, soybeans, cotton, sugarcane, fertilizers, oil and fuels. </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2009</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2014</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,774,875 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,489,871 </FONT></P></TD></TR>

<TR style="HEIGHT: 0pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Expansion of MRS's capacity and current investments for maintenance of current operations </FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=bottom width="11%" align=right>&nbsp;</TD>

   <TD vAlign=bottom width="1%" align=right></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>111,763 </FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>290,410 </FONT></P></TD></TR>

<TR style="HEIGHT: 10.9pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Current investments for maintenance of current operations </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,773 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>15,479 </FONT></P></TD></TR>

<TR style="HEIGHT: 10.9pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Mining</FONT></B></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,364,733 </FONT></B></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,931,047 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.9pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Expansion of Casa de Pedra Mine capacity production to 42 Mtpa </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2007</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2012/13 <SUP>(1)</SUP></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,101,234 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,322,433 </FONT></P></TD></TR>

<TR style="HEIGHT: 10.9pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Expansion of TECAR to permit an annual exportation of 60 Mtpa </FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2009</FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2013</FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>167,163 </FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>425,134 </FONT></P></TD></TR>

<TR style="HEIGHT: 10.9pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Expansion of Namisa capacity production to 39 Mtpa </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2008</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2015/16 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>81,172 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>137,059 </FONT></P></TD></TR>

<TR style="HEIGHT: 10.9pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Current investments for maintenance of current operations </FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>15,164 </FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>46,421 </FONT></P></TD></TR>

<TR style="HEIGHT: 10.9pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Steel</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>803,798 </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,164,239 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 0pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Implementation of the long steel mill in the states of Rio de Janeiro, Minas Gerais and S&#227;o Paulo for production of rebar and wire rod. </FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2008</FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2013 <SUP>(2)</SUP></FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>618,832 </FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>907,521 </FONT></P></TD></TR>

<TR style="HEIGHT: 10.9pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Current investments for maintenance of current operations </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.9pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Expansion of TECAR to allow annual exports of 45 mtpy </FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>184,966 </FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>256,718 </FONT></P></TD></TR>

<TR style="HEIGHT: 10.9pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Expansion of Namisa production capacity to 39 mpty </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.9pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Cement</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>457,864 </FONT></B></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>165,273 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 0pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Construcion of Cement plant in the Northeast and Southern region of Brazil and in the city of Arcos, Minas Gerais </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2011</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2013 <SUP>(3)</SUP></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>98,258 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>132,986 </FONT></P></TD></TR>

<TR style="HEIGHT: 10.9pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Construcion of clinquer plant in the city of Arcos, Minas Gerais </FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2007</FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2011 <SUP>(4)</SUP></FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>357,981 </FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>27,536 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Current investments for maintenance of current operations </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,625 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4,751 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="52%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Total construction in progress</FONT></B></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4,515,806 </FONT></B></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>7,056,319 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(1)</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>&nbsp;Expected date for completion of the 40 Mtpa and 42 Mtpa Stages<BR></FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(2)</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>&nbsp;Expected date for completion of the Rio de Janeiro unity<BR></FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(3)</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>&nbsp;Expected date for completion of new grinding on Arcos - MG<BR></FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(4)</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>&nbsp;Manufacturing plant in operation, in &#8220;ramp-up&#8221;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The costs classified in construction in progress comprise basically the acquisition of services, purchase of parts to be used as investments for improvement of performance, upgrading of technology, enlargement, expansion and acquisition of assets that will be transferred to the relevant line items and depreciated as from the time they are available for use.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Current investments for maintenance are capitalized and depreciated on an accrual basis until the next maintenance event of the relevant asset, totaling R$654,741&nbsp;as of December 31, 2011 (R$495,430 as of December 31, 2010).</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Others repairs and maintenance expenses are charged to operating costs and expenses when incurred.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>In view of the need to review the useful lives at least every financial year, in 2011 management performed the review for all the Company&#8217;s units. As a result, the estimated useful lives for the current year are as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 11.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="71%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Consolidated</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Company</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="71%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Buildings</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>46 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>44 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="71%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Machinery, equipment and facilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>13 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>13 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="71%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Furniture and fixtures</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>10 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>10 </FONT></P></TD></TR>

<TR style="HEIGHT: 10.3pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 10.3pt; PADDING-TOP: 0cm" vAlign=top width="71%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 10.3pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>34 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 10.3pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 10.3pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>13 </FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>a)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company capitalized borrowing costs amounting to R$353,156 (R$215,624 as of December 31, 2010) in consolidated and R$248,012 (R$179,626 as at December 31, 2010) in Company (see note 26).These costs are basically estimated for mining, cement, long steel and Transnordestina projects, mainly relating to: (i) Casa de Pedra Mine expansion; (ii) construction of the cement plant in Volta Redonda, RJ, and the clinker plant in the city of Arcos, MG; (iii) construction of the long steel mill in the city of Volta Redonda, RJ; and (iv) extension of Transnordestina railroad, which will connect the countryside of the northeast region to the Suape, State of Pernambuco, and Pec&#233;m, State of Cear&#225;, ports</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>.&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The rates used to capitalize borrowing costs are as follows:</FONT></P></DIV>

<DIV></DIV>

<P style="TEXT-ALIGN: right">Page 61 of 110</P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
&nbsp; <A name=page_63></A>
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<a name="_bclHeader63"></a><DIV>
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P></DIV>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>

  <TR style="HEIGHT: 12.35pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="51%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>FEES</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="49%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 12.35pt">
    <TD style="BORDER-LEFT: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0cm" vAlign=bottom rowSpan=2 width="51%" align=center>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Specific<BR></FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>projects</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom rowSpan=2 width="49%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Non-specific<BR></FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>projects</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 12.35pt"></TR>
  <TR style="HEIGHT: 12.35pt">
    <TD style="BORDER-LEFT: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0cm" vAlign=bottom width="51%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>TJLP + 1.3% to 3.2%</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0cm" vAlign=bottom width="49%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>10.56%</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.35pt">
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0cm" vAlign=bottom width="51%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>UM006 + 2.7%</FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0cm" vAlign=bottom width="49%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>b)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Additions to depreciation, amortization and depletion for
the period were distributed as follows:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>

  <TR style="HEIGHT: 10.8pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="40%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="29%" colSpan=3 align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Consolidated</FONT></B></P></TD>
    <TD vAlign=bottom width="1%" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></FONT></B>
      <P></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="29%" colSpan=3 align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Company</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 10.8pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="40%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2011</FONT></B></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2010</FONT></B></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2011</FONT></B></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2010</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 10.8pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Production cost</FONT></P></TD>
    <TD vAlign=top width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>892,297 </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>770,542 </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>730,030 </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>614,679 </FONT></P></TD></TR>
  <TR style="HEIGHT: 10.8pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Selling expenses</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>7,130 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>6,471 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>5,501 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>5,021 </FONT></P></TD></TR>
  <TR style="HEIGHT: 10.8pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>General and administrative expenses</FONT></P></TD>
    <TD vAlign=top width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>29,941 </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>29,156 </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>7,352 </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>8,152 </FONT></P></TD></TR>
  <TR style="HEIGHT: 10.8pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Other operating expenses</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>18,883 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>7,865 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>18,177 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>7,188 </FONT></P></TD></TR>
  <TR style="HEIGHT: 10.8pt">
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=top width="40%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 10.8pt; BORDER-TOP: #000000 1px solid; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>948,251 </FONT></B></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; BORDER-TOP: #000000 1px solid; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>814,034 </FONT></B></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 10.8pt; BORDER-TOP: #000000 1px solid; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>761,060 </FONT></B></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; BORDER-TOP: #000000 1px solid; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>635,040 </FONT></B></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>c)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The Casa de Pedra mine is an asset that belongs to CSN,
which has the exclusive right to explore such mine. </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Our
mining activities of Casa de Pedra are based on the &#8216;Mine Manifest&#8217;, which
grants CSN full ownership over the mineral deposits existing within our property
limits.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>As of December 31, 2011 the net property, plant and
equipment of Casa de Pedra was R$2,485,077 (R$2,167,378 as of December 31,
2010), represented mainly by construction in progress amounting to R$1,123,821
(R$911,077 as of December 31, 2010).Up to December 31, 2011, interest
capitalized in property, plant and equipment of Casa de Pedra totaled R$82,607
(R$48,590 as of December 31, 2010).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>1<FONT style="FONT-SIZE: 9pt" face=Arial>3</FONT>.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>INTANGIBLE ASSETS</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>

  <TR style="HEIGHT: 10.9pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="40%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="59%" colSpan=9 align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Consolidated</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 0pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=middle width="11%" align=center>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Goodwill</FONT></B></P></TD>
    <TD vAlign=middle width="1%" align=center>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=middle width="11%" align=center>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Intangible assets<BR>with finite
      useful<BR>lives</FONT></B></P></TD>
    <TD vAlign=middle width="1%" align=center>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="11%" align=center><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Software</FONT></B></TD>
    <TD vAlign=middle width="1%" align=center></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=middle width="11%" align=center><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Other</FONT></B></TD>
    <TD vAlign=middle width="1%" align=center><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=middle width="11%" align=center>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Total</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Balance at December 31,2009</FONT></B></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>423,698 </FONT></B></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>9,982 </FONT></B></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>23,879 </FONT></B></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>457,559 </FONT></B></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">
      <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Acquisitions and expenditures</FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>25,239 </FONT></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,002 </FONT></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>26,241 </FONT></P></TD></TR>
  <TR style="HEIGHT: 0pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=bottom width="40%">
      <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Amortization</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(4,991)</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(16,353)</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(21,344)</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Balance at December 31,2010</FONT></B></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>423,698 </FONT></B></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4,991 </FONT></B></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>32,765 </FONT></B></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,002 </FONT></B></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>462,456 </FONT></B></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">
      <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Effect of foreign exchange differences</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>6 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>72 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>78 </FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">
      <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Acquisitions through business combination
      (*)</FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>204,569 </FONT></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>204,569 </FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">
      <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Acquisitions and expenditures</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>350 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>353 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>703 </FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">
      <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Disposals </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(784)</FONT></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(489)</FONT></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,273)</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">
      <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Impairment losses</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(60,861)</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(60,861)</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">
      <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Transfer of property, plant and
    equipment</FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>11,487 </FONT></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>11,487 </FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">
      <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Transfer of long-term receivables</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,977 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,977 </FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">
      <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Amortization </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(4,991)</FONT></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(9,622)</FONT></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(2,230)</FONT></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(16,843)</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">
      <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Other movements</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(2,113)</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,194 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>81 </FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Balance at December 31,2011</FONT></B></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>567,406 </FONT></B></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>32,089 </FONT></B></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,879 </FONT></B></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>603,374 </FONT></B></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0cm 0cm 10pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(*)
Goodwill based on expected future earnings, arising on the Prada Embalagens and
CBL business combination on July 12, 2011.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Recoverable amount of the Packaging cash-generating unit
(&#8220;CGU&#8221;), determined based on the business valuation report prepared by
independent appraisers. As a result of this valuation, the company recognized an
impairment adjustment amounting to R$60,861</FONT></P></DIV>
<DIV></DIV>
<P style="TEXT-ALIGN: right">Page 62 of 110</P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_64></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader64"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The
concession intangible asset with definite useful life refers to the amount
originally paid by shareholders, whose economic basis was expected future
earnings due to the concession right, recorded by the Company&#8217;s jointly
controlled entity. The amortization is calculated on a straight-line basis over
the concession period. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>

  <TR style="HEIGHT: 12.5pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="44%" colSpan=5 align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Company</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 12.5pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Goodwill</FONT></B></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Software</FONT></B></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Total</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 12.5pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Balance at December 31,2009</FONT></B></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>13,091 </FONT></B></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>11,994 </FONT></B></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>25,085 </FONT></B></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">
      <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Acquisitions and expenditures</FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,330 </FONT></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,330 </FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">
      <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Amortization</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(3,784)</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(3,784)</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Balance at December 31,2010</FONT></B></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>13,091 </FONT></B></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>9,540 </FONT></B></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>22,631 </FONT></B></P></TD></TR>
  <TR style="HEIGHT: 12.5pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">
      <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Transfer of property, plant and
    equipment</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,522 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,522 </FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">
      <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Amortization</FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(3,961)</FONT></P></TD>
    <TD vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(3,961)</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Balance at December 31,2011</FONT></B></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>13,091 </FONT></B></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>8,101 </FONT></B></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right><P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>21,192 </FONT></B></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif><BR>The useful life of software is one to five
years.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Goodwill: </FONT></B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The economic basis of goodwill is the expected future
earnings and, in accordance with the new pronouncements, these amounts are not
amortized since January 1, 2009, when they became subject only to impairment
testing.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>

  <TR style="HEIGHT: 21.7pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=bottom width="70%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Goodwill on Investments</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="14%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Balance at<BR>12/31/2011</FONT></B></P></TD>
    <TD vAlign=middle width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="14%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Investor</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 12.35pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="70%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Flat steel</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>13,091 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>CSN </FONT></P></TD></TR>
  <TR style="HEIGHT: 12.35pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="70%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Subtotal Company</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>13,091 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 12.35pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="70%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Mining</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>347,098 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Namisa </FONT></P></TD></TR>
  <TR style="HEIGHT: 12.35pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="70%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Packaging</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>207,217 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>CSN </FONT></P></TD></TR>
  <TR style="HEIGHT: 12.35pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="70%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Total consolidated</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>567,406 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol><BR>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Impairment testing for goodwill</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>In order to conduct impairment testing, goodwill is
allocated to CSN&#8217;s operating divisions that represent the lowest level within
the Company at which goodwill is monitored for internal management purpose,
never above Operating Segments.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" border=0 cellSpacing=0 cellPadding=0>

  <TR style="HEIGHT: 12.5pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Cash-generating unit</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Segment</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2011</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2010</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 12.5pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Mining (Namisa)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Mining </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>347,098 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>347,098 </FONT></P></TD></TR>
  <TR style="HEIGHT: 12.5pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Packaging (*)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Steel </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>207,217 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>63,509 </FONT></P></TD></TR>
  <TR style="HEIGHT: 12.5pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Flat steel</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Steel </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>13,091 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>13,091 </FONT></P></TD></TR>
  <TR style="HEIGHT: 12.5pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>567,406 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>423,698 </FONT></B></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(*) Amount presented net of the impairment adjustment
amounting to R$60,861.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The recoverable amount of a Cash-Generating Unit (&#8220;CGU&#8221;)
is determined based on value-in-use calculations.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>These calculations use cash flow projections, before
income tax and social contribution, based on financial budgets approved by
management for a three-year period. The amounts related to cash flows subsequent
to the three-year period were extrapolated based on the estimated growth rates
shown below. The growth rate does not exceed the average long-term growth rate
of the industry in which the Cash-Generating Unit (&#8220;CGU&#8221;) operates.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The main assumptions used in calculating the values in use
as of December 31,&nbsp;2011 are as follows:</FONT></P></DIV>
<DIV></DIV>
<P style="TEXT-ALIGN: right">Page 63 of 110</P>
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<TR style="HEIGHT: 15.95pt">

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 15.95pt; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0cm" vAlign=bottom width="16%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 15.95pt; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0cm" vAlign=bottom width="38%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Mining</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 15.95pt; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0cm" vAlign=bottom width="24%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Packaging</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 15.95pt; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0cm" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Flat steel</FONT></B></P></TD></TR>

<TR style="HEIGHT: 0pt">

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0cm" vAlign=middle width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Gross margin (i)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0cm" vAlign=middle width="38%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>For gross margin were used the expansion plans already approved in the Company&#8217;s business plan, iron ore prices on the international market, based on projections prepared by official institutions of the mining industry and the projected US dollar (US$) versus Brazilian reais (R$) rate curve until 2020, made available by the Central Bank of Brazil (BACEN). After 2020, no variance was considered.</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0cm" vAlign=middle width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Average gross margin of each cash-generating unit based on its history and projections approved by the Board for the next three years;</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0cm" vAlign=middle width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Average gross margin of each cash-generating unit based on its history and projections approved by the Board for the next three years;</FONT></P></TD></TR>

<TR style="HEIGHT: 0pt">

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0cm" vAlign=middle width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Cost adjustment</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0cm" vAlign=middle width="38%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Cost adjustment based on long-term inflation projections;</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0cm" vAlign=middle width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Cost adjustment based on long-term inflation projections;</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0cm" vAlign=middle width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Cost adjustment based on long-term inflation projections;</FONT></P></TD></TR>

<TR style="HEIGHT: 0pt">

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0cm" vAlign=middle width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Growth rate (ii)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0cm" vAlign=middle width="38%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Cash flows were made considering a projection period up to 2041, the maturity term of the main contracts and to which the Company's Business Plan is tied. Therefore it was not used a grow rate, given that the projection period exceeds 30 years.</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0cm" vAlign=middle width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Average growth rate of 2.1% p.a. used to extrapolate the cash flows after the budgeted period;</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0cm" vAlign=middle width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Average growth rate of 0.5% p.a. used to extrapolate the cash flows after the budgeted period;</FONT></P></TD></TR>

<TR style="HEIGHT: 0pt">

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0cm" vAlign=middle width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Discount rate (iii)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0cm" vAlign=middle width="38%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Pretax US dollar 11% p.a. discount rate.</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0cm" vAlign=middle width="24%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Pretax 16.75% p.a. discount rate.</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0cm" vAlign=middle width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Pretax 11% p.a. discount rate.</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(*) Assumptions used by independent experts.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 14.2pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(i)&nbsp;&nbsp; Budgeted gross margin.</FONT></P>

<P style="TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 14.2pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(ii)&nbsp; Weighted average growth rate, used to extrapolate the cash flows after the budget period.</FONT></P>

<P style="TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 14.2pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(iii) Pretax discount rate, applied to cash flow projections.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=Arial>14</FONT>.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>BORROWINGS, FINANCING AND DEBENTURES</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 8.75pt">

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=bottom width="42%" colSpan=9 align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" face=arial,sans-serif>Consolidated</FONT></B></P></TD>

   <TD vAlign=bottom width="1%" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" face=arial,sans-serif>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT></B></P></FONT></B>

   <P></P></FONT></B>

   <P></P></FONT></B>

   <P></P></FONT></B>

   <P></P></FONT>

   <P></P></FONT></B>

   <P></P></FONT>

   <P></P></FONT>

   <P></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="41%" colSpan=8 align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT></B></P>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" face=arial,sans-serif>Company</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" colSpan=3>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>Current liabilities</FONT></B></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" colSpan=3>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>Non-current liabilities</FONT></B></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom rowSpan=2 width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" face=arial,sans-serif>Rates in (%)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" colSpan=3>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>Current liabilities</FONT></B></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" colSpan=3>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>Non-current liabilities</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>Rates in (%)</FONT></B></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>12/31/2011</FONT></B></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>12/31/2010</FONT></B></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>12/31/2011</FONT></B></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>12/31/2010</FONT></B></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>12/31/2011</FONT></B></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>12/31/2010</FONT></B></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>12/31/2011</FONT></B></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>12/31/2010</FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>FOREIGN CURRENCY</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>Prepayment</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>1% to 3.50%</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>381,333 </FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>473,255 </FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>573,388 </FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>1,840,269 </FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>1% to 3.50%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>381,333 </FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>473,485 </FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>573,388 </FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>2,006,889 </FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>Prepayment</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>3.51% to 7.50%</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>148,597 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>138,210 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>1,281,171 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>522,116 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>3.51% to 7.50%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>276,615 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>372,519 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>3,398,081 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>1,454,688 </FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>Prepayment</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>7.51% to 10.00%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>15,596 </FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>366,564 </FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>Guaranteed perpetual bonds</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>7.00%</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>2,553 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>2,268 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>1,875,800 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>1,666,200 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>Fixed rate notes</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>9.75%</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>4,191 </FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>4,546 </FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>1,031,690 </FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>916,410 </FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>4<FONT style="FONT-SIZE: 8pt" face=Arial>.</FONT>142%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>7,292 </FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>2,702 </FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>823,120</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>738,000</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>Fixed rate notes</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>5.65%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>4,058 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>3,911 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>1,436,478</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>1,211,345</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>Fixed rate notes</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>6.5%</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>53,851 </FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>47,834 </FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>1,875,800 </FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>1,666,200 </FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>9<FONT style="FONT-SIZE: 8pt" face=Arial>.</FONT>125%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>8,273 </FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>7,349 </FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>1,125,480</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>999,720</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>Fixed rate notes</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>6.875%</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>26,598 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>23,626 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>1,406,850 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>1,249,650 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>Fixed rate notes</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>10.5%</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>34,390 </FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>32,074 </FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>750,320 </FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>666,480 </FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>Financed imports</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>3.52% to 6.00%</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>261 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>57,293 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>59,322</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>3.52% to 6.00%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>261 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>31,626 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>23,437</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>Financed imports</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>6.01% to 8.00%</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>25,248 </FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>16,849 </FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>27,310</FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>24,396</FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>6.01% to 8.00%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>6,254 </FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>16,849 </FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>5,758</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>24,396</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>CCB</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>1.54%</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>176,440 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>1.54%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>176,440 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 16.3pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.3pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>BNDES/FINAME</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.3pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>Interest R. Res. 635/87 + 1.7% and 2.7% </FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>25,903 </FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>20,085 </FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>36,750 </FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>55,256 </FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.3pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>Interest R. Res. 635/87 + 1.7% and 2.7% </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>23,425 </FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>17,875 </FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>33,466</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>50,148</FONT></P></TD></TR>

<TR style="HEIGHT: 15.7pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 15.7pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>Intercompany</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 15.7pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 15.7pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 15.7pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 15.7pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 15.7pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 15.7pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>Libor 6M + 2.25 and 3.9961%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 15.7pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>534,185 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 15.7pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 15.7pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>119,246</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 15.7pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 16.3pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.3pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>Other </FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.3pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>3.3% to 5.37% and CDI + 1.2%</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>105,181 </FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>85,790 </FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>145,438 </FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>103,587 </FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.3pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>Libor 6M + 2.56% </FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>87,550 </FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>34,603 </FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>68,504</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>984,546</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>901,830</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>9,004,517</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>8,769,886</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>1,505,686</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>976,515</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>7,515,017</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>6,943,691</FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>LOCAL CURRENCY</FONT></B></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 16.3pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 16.3pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>BNDES/FINAME</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 16.3pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>TJLP + 1.5% to 3.2%</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 16.3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>430,432 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 16.3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>308,968 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 16.3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>1,744,727 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 16.3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>1,907,596 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 16.3pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>TJLP + 1.5% to 3.2%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 16.3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>226,891</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 16.3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>196,176</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 16.3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>782,416</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 16.3pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>910,961</FONT></P></TD></TR>

<TR style="HEIGHT: 22.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 22.8pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>Debentures</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 22.8pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>103.6 % and 110.8% CDI and 9.4% + IGPM and 1% + TJLP</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 22.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>672,073 </FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 22.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>41,750 </FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 22.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>2,822,424 </FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 22.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>1,760,846 </FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 22.8pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>103.6 % and 110.8 % CDI</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 22.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>655,755</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 22.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>26,755</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 22.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>1,150,000</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 22.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>600,000</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>Prepayment</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>104.8% and 109.5 % CDI</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>537,128 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>64,216 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>4,523,224 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>3,400,000 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>104.8% and 109.5 % CDI</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>510,072</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>38,266</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>2,466,667</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>1,400,000</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>CCB</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>112.5% CDI</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>101,280 </FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>1,354 </FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>7,200,000 </FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>3,000,000 </FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>112.5% CDI</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>101,280</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>1,354</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>7,200,000</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>3,000,000</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>Intercompany</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>100.5% to 105.5% CDI</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>1,356,010</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>1,155,991</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>Other</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>9,509 </FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>26,443 </FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>37,058 </FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>23,303 </FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>1,845</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>1,744</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>5,528</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>6,964</FONT></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>1,750,422</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>442,731</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>16,327,433</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>10,091,745</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>2,851,853</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>1,420,286</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>11,604,611</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>5,917,925</FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="26%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>Total borrowings and financing</FONT></B></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>2,734,968</FONT></B></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>1,344,561</FONT></B></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>25,331,950</FONT></B></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>18,861,631</FONT></B></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>4,357,539</FONT></B></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>2,396,801</FONT></B></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>19,119,628</FONT></B></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>12,861,616</FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="26%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>Transaction costs</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>(32,885)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>(35,929)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>(145,445)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>(80,816)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>(27,398)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>(30,454)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>(114,133)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>(44,614)</FONT></P></TD></TR>

<TR style="HEIGHT: 0pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=bottom width="26%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>Total borrowings and financing + transaction costs</FONT></B></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>2,702,083</FONT></B></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>1,308,632</FONT></B></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>25,186,505</FONT></B></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>18,780,815</FONT></B></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>4,330,141</FONT></B></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>2,366,347</FONT></B></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>19,005,495</FONT></B></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" color=#000000 face=arial,sans-serif>12,817,002</FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #eaeaea" width="15%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" width="7%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" width="7%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" width="7%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" width="7%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" width="7%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" width="7%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" width="7%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" width="7%">&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The balances of prepaid intragroup borrowings related to the Company total R$2,244,927 as of December 31, 2011 (R$2,080,721 as of December 31, 2010), see note 4.</FONT></P></DIV>

<DIV></DIV>

<P style="TEXT-ALIGN: right">Page 64 of 110</P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
&nbsp; <A name=page_66></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader66"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Funding transaction costs</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>As of December 31, 2011 funding transaction costs are as
follows:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>

  <TR style="HEIGHT: 12.35pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="87%" colSpan=19 align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Consolidated </FONT></B></P></TD></TR>
  <TR style="HEIGHT: 12.35pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top rowSpan=2 width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>
    <TD vAlign=top rowSpan=2 width="1%"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></FONT>
      <P></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="7%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Short term</FONT></B></P></TD>
    <TD vAlign=middle rowSpan=2 width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=middle width="55%" colSpan=13>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Long term</FONT></B></P></TD>
    <TD vAlign=middle width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=middle width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=middle width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=middle width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 12.35pt">
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=middle width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2013</FONT></B></P></TD>
    <TD vAlign=middle width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=middle width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2014</FONT></B></P></TD>
    <TD vAlign=middle width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=middle width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2015</FONT></B></P></TD>
    <TD vAlign=middle width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=middle width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2016</FONT></B></P></TD>
    <TD vAlign=middle width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=middle width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2017</FONT></B></P></TD>
    <TD vAlign=middle width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=middle width="7%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>After 2017</FONT></B></P></TD>
    <TD vAlign=middle width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=middle width="7%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Total</FONT></B></P></TD>
    <TD vAlign=middle width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=middle width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>TJ <SUP>(1)</SUP></FONT></B></P></TD>
    <TD vAlign=middle width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=middle width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>TIR <SUP>(2)</SUP></FONT></B></P></TD></TR>
  <TR style="HEIGHT: 12.35pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Fixed rate notes</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4,067 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4,779 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,478 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,100 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,203 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,203 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4,852 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>20,615 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>6.5% to 10%</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>6.75% to 10.7%</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.35pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>BNDES</FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>553 </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=Arial>R</FONT>491
      </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=Arial></FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>423 </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>389 </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>389 </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>389 </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,491 </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=Arial></FONT></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>5,572 </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1.3% to 1.7%</FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1.44% to 7.39%</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.35pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>BNDES</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,578 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,578 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>284 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,862 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2.2% to 3.2%</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>7.59% to 9.75%</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.35pt">
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Prepayment</FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>8,059 </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>8,020 </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>6,397 </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,219 </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,219 </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,219 </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,354 </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>22,428 </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>109.50% and 110.79% CDI</FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>10.08% to 12.44%</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.35pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Prepayment</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>509 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>509 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>509 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>509 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>509 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>346 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,382 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2.37% and 3.24%</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2.68% to 4.04%</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.35pt">
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>CCB</FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>17,472 </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>16,220 </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>17,651 </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>13,902 </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>13,902 </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>10,056 </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>18,046 </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>89,777 </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>112.5% CDI</FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>11.33% to 14.82%</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.35pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Other</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>647 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>427 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>427 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>427 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>427 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>427 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>674 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,809 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>110.8% and 103.6% CDI</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12.59% and 13.27%</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.35pt">
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>32,885 </FONT></B></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>32,024 </FONT></B></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>29,169 </FONT></B></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>20,546 </FONT></B></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>19,649 </FONT></B></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>15,640 </FONT></B></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>28,417 </FONT></B></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>145,445 </FONT></B></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 3.6pt">
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 12.35pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="23%" colSpan=3 align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Company</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 12.35pt">
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom rowSpan=2 width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom rowSpan=2 width="1%"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></FONT>
      <P></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom rowSpan=2 width="7%" align=center>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Short term</FONT></B></P></TD>
    <TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom rowSpan=2 width="1%" align=center>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="55%" colSpan=13 align=center>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Long term</FONT></B></P></TD>
    <TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%" align=center><P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=center>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%" align=center><P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=center>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 12.35pt">
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=center>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2013</FONT></B></P></TD>
    <TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%" align=center><P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=center>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2014</FONT></B></P></TD>
    <TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%" align=center><P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=center>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2015</FONT></B></P></TD>
    <TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%" align=center><P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=center>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2016</FONT></B></P></TD>
    <TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%" align=center><P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=center>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2017</FONT></B></P></TD>
    <TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%" align=center><P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=center>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>After 2017</FONT></B></P></TD>
    <TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%" align=center><P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" align=center>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Total</FONT></B></P></TD>
    <TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%" align=center><P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=center>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>TJ <SUP>(1)</SUP></FONT></B></P></TD>
    <TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%" align=center><P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" align=center>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>TIR <SUP>(2)</SUP></FONT></B></P></TD></TR>
  <TR style="HEIGHT: 12.35pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Fixed rate notes</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>702 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,309 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,309 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>9.13%</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>10.01%</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.35pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>BNDES</FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>307 </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>307 </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>239 </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>205 </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>205 </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>205 </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,050 </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,211 </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1.30% to 1.70%</FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1.44% to 7.39%</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.35pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>BNDES</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,453 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,453 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>242 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,695 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2.2% to 3.2%</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>7.59% to 9.75%</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.35pt">
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Prepayment</FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>6,309 </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>6,270 </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4,647 </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>469 </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>469 </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>469 </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>625 </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12,949 </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>109.50% CDI</FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>10.08%</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.35pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Prepayment</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>509 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>509 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>509 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>509 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>509 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>346 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,382 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2.37% and 3.24%</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2.68% to 4.04%</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.35pt">
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>CCB</FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>17,472 </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>16,218 </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>17,651 </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>13,902 </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>13,902 </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>10,057 </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>18,046 </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>89,776 </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>112.5% CDI</FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>11.33% to 14.82%</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.35pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Other</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>646 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>427 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>427 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>427 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>427 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>427 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>676 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,811 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>110.8 and 103.6% CDI</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12.59% and 13.27%</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.35pt">
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>27,398 </FONT></B></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>26,493 </FONT></B></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>23,715 </FONT></B></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>15,512 </FONT></B></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>15,512 </FONT></B></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>11,504 </FONT></B></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>21,397 </FONT></B></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>114,133 </FONT></B></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif><BR>(1)</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>TJ &#8211; Annual interest rate contracted<BR></FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(2)</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>TIR &#8211; Annual internal rate of return</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Maturities of borrowings, financing and debentures
presented in non-current liabilities</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>As of December 31, 2011, the principal of long-term
borrowings, financing and debentures by maturity year is as follows:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>

  <TR style="HEIGHT: 12.5pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="29%" colSpan=3 align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Consolidated</FONT></B></P></TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="29%" colSpan=3 align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Company</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 12.5pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2013</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,263,889 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>9%</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,568,911 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>13%</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.5pt">
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2014</FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,933,763 </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>8%</FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,862,694 </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>10%</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.5pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2015</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,346,461 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>9%</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,293,779 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12%</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.5pt">
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2016</FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,444,259 </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>10%</FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,580,733 </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>8%</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.5pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2017</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,166,273 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12%</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,384,899 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>13%</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.5pt">
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>After 2017</FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>11,301,505 </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>45%</FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>8,428,612 </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>44%</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.5pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Perpetual bonds</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,875,800 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>7%</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 12.5pt">
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>25,331,950 </FONT></B></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100%</FONT></B></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>19,119,628 </FONT></B></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100%</FONT></B></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Amortizations and new borrowings, financing and
debentures</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The table below shows the amortizations and new funding in
the current period:<BR></FONT></P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>

  <TR style="HEIGHT: 12.35pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom rowSpan=2 width="40%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P><BR>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>
    <TD vAlign=bottom rowSpan=2 width="1%"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif><BR>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P><BR></FONT>
      <P></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="29%" colSpan=3 align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Consolidated</FONT></B></P></TD>
    <TD vAlign=bottom width="1%" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></FONT>
      <P></P></FONT>
      <P></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="29%" colSpan=3 align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Company</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 12.35pt">
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2011</FONT></B></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2010</FONT></B></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2011</FONT></B></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2010</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 12.35pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Opening balance</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>20,089,447 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>14,267,601 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>15,183,349 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>13,583,190 </FONT></P></TD></TR>
  <TR style="HEIGHT: 12.35pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Funding</FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>7,824,012 </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>8,754,779 </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>7,314,956 </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,640,753 </FONT></P></TD></TR>
  <TR style="HEIGHT: 12.35pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Amortization</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(3,614,606)</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(3,897,405)</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(2,818,933)</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(2,393,173)</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.35pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Other (*)</FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,589,735 </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>964,472 </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,656,264 </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,352,579 </FONT></P></TD></TR>
  <TR style="HEIGHT: 12.35pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Closing balance </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>27,888,588 </FONT></B></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>20,089,447 </FONT></B></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>23,335,636 </FONT></B></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>15,183,349 </FONT></B></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: right">Page 65 of 110</P>
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<a name="_bclHeader67"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt" align=left><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(*) Includes foreign exchange differences and inflation adjustments.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Loans and financing contracts with certain financial institutions contain some covenants that are usual in financial agreements in general and the Company is compliant with them at December 31, 2011.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In February 2011, the Company entered into with Caixa Econ&#244;mica Federal a Corporate Loan Transaction - Large Corporations, by issuing a bank credit certificate of R$2 billion, with final amortization maturity of 94 months. This CCB (bank credit note) bears interest equivalent to 112.5% of the CDI (interbank deposit rate), as released by CETIP (OTC Clearing House), per year, and interest is paid on a quarterly basis, in March, June, September and December.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In April 2011, the Company contracted an Export Credit Note amounting to R$1.5 billion from Banco do Brasil, which will mature in April 2019.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>This NCE (export credit note) bears interest equivalent to 110.8% of the CDI (interbank deposit rate), as released by CETIP, per year, and interest is paid on a semiannual basis, in April and October.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>In August 2011, the Company entered into with Caixa Econ&#244;mica Federal a Corporate Loan Transaction - Large Corporations, by issuing a bank credit certificate of R$2.2 billion, with final amortization maturity of 108 months. This CCB (bank credit note) bears interest equivalent to 112.5% of the CDI (interbank deposit rate), as released by CETIP, per year, and interest is paid on a quarterly basis, in February, May, August and November.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In December 2011 the Company settled in advance its export receivables securitization program with the payment of R$313,842 (R$283,857 in principal, R$2,373 in interest and R$27,612 in premium paid to creditors for early settlement).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Debentures</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>i. Companhia Sider&#250;rgica Nacional</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" face=Arial,sans-serif>4th issue</FONT></B></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>As approved at the Board of Directors&#8217; meeting held on December 20, 2005 and ratified on April 24, 2006, the Company issued on February 1, 2006, 60,000 nonconvertible, unsecured debentures, in single series, with a unit face value of R$10. These debentures were issued in the total amount of R$600,000 and the proceeds from their trading with financial institutions were received on May 3, 2006.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The face value of these debentures earns interest equivalent to 103.6% of CDI rate, as released by Cetip, per year, and maturity of the face value is scheduled for February 1, 2012, with an early redemption option.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" face=Arial,sans-serif>5th issue</FONT></B></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>As approved at the Board of Directors&#8217; meeting held on July 12, 2011, the Company issued on July 20, 2011, 115 nonconvertible, unsecured debentures, in single series, with a unit face value of R$10 million. These debentures were issued in the total amount of R$1,150,000 and the proceeds from their trading with financial institutions were received on August 23, 2011.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The face value of these debentures earns interest equivalent to 110.8% of CDI, as released by Cetip, per year, and maturity of the face value is scheduled for February 1, 2012, with an early redemption option.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>ii. Transnordestina Log&#237;stica</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>On March 10, 2010 Transnordestina Log&#237;stica S.A obtained approval from the Northeast Development Fund - FDNE for issue of the 1<SUP>st</SUP> Series of its 1<SUP>st</SUP> Private Issue of convertible debentures, consisting of eight series in the total amount of R$2,672,400.The first, third, and fourth series refer to funds to be invested in the Miss&#227;o Velha &#8211; Salgueiro &#8211; Trindade e Salgueiro &#8211; Porto de Suape module, which also includes the investments in the Suape Port, and the reconstruction of the Cabo to Porto Real de Col&#233;gio railroad section. The second, fifth and sixth series refer to funds to be invested in the Eliseu Martins &#8211; Trindade module. The seventh and eighth series refer to funds to be invested in the Miss&#227;o Velha &#8211; Pec&#233;m module, which also includes the investments in the Pec&#233;m Port.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>

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<P style="TEXT-ALIGN: right">Page 66 of 110</P>

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<TR style="HEIGHT: 0pt">

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=bottom rowSpan=2 width="10%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Issue</FONT></B></P></TD>

   <TD vAlign=bottom rowSpan=2 width="1%" align=center></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=bottom rowSpan=2 width="10%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Series</FONT></B></P></TD>

   <TD vAlign=bottom rowSpan=2 width="1%" align=center></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=bottom rowSpan=2 width="10%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>General</FONT></B><BR></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>meeting</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=bottom rowSpan=2 width="10%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Number</FONT></B><BR></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>issued</FONT></B></P></TD>

   <TD vAlign=bottom rowSpan=2 width="1%" align=center></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=bottom rowSpan=2 width="10%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Unit</FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>face value</FONT></B></P></TD>

   <TD vAlign=bottom rowSpan=2 width="1%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=bottom rowSpan=2 width="10%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P>

   <P><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Issue</FONT></B></P></TD>

   <TD vAlign=bottom rowSpan=2 width="1%" align=center></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=bottom rowSpan=2 width="10%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Maturity</FONT></B></P></TD>

   <TD vAlign=bottom rowSpan=2 width="1%" align=center></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=bottom rowSpan=2 width="12%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Charges</FONT></B></P></TD>

   <TD vAlign=bottom rowSpan=2 width="1%" align=center></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=bottom rowSpan=2 width="10%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Balance (R$)</FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2011</FONT></B></P></TD></TR>

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<TR style="HEIGHT: 8.05pt">

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1st</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1st</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2/8/2010</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>336,647,184</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>R$ 1.00</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>03/09/10</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>10/3/2027</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>TJLP + 0.85% p.a.</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>336,647</FONT></P></TD></TR>

<TR style="HEIGHT: 8.05pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1st</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2&#170;</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2/8/2010</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>350,270,386</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>R$ 1.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>11/25/2010</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>10/3/2027</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>TJLP + 0.85% p.a.</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>350,270</FONT></P></TD></TR>

<TR style="HEIGHT: 8.05pt">

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1st</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3&#170;</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2/8/2010</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>338,035,512</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>R$ 1.00</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1/12/2010</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>10/3/2027</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>TJLP + 0.85% p.a.</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>338,036</FONT></P></TD></TR>

<TR style="HEIGHT: 8.05pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1st</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4&#170;</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2/8/2010</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>468,293,037</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>R$ 1.00</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>10/04/11</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>10/3/2027</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>TJLP + 0.85% p.a.</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.05pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>468,293</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Guarantees provided</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Guarantees provided for the borrowings comprise property, plant and equipment items and sureties, as shown in the table below, and do not include guarantees provided for subsidiaries and jointly controlled entities.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2011</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2010</FONT></B></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Property, plant and equipment</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>19,383</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>30,288</FONT></P></TD></TR>

<TR style="HEIGHT: 12.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Collateral</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>87,550</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>74,488</FONT></P></TD></TR>

<TR style="HEIGHT: 12.5pt">

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Securitizations (exports) (*)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>113,936</FONT></P></TD></TR>

<TR style="HEIGHT: 12.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="70%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; BORDER-TOP: #000000 1px solid; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>106,933</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; BORDER-TOP: #000000 1px solid; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>218,712</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(*) Because of the early settlement of export receivables, the securitization reserve fund amounts were redeemed.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>15<FONT style="FONT-SIZE: 7pt" face="Times New Roman">.</FONT></FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>FINANCIAL INSTRUMENTS</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>I - Identification and measurement of financial instruments</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The Company enters into transactions involving various financial instruments, mainly cash and cash equivalents, including short-term investments, marketable securities, trade receivables, trade payables, and borrowings and financing. Additionally, it also carries out transactions involving derivative financial instruments, especially exchange and interest rate swaps.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Considering the nature of these instruments, their fair value is basically determined by the use of Brazil&#8217;s money market and mercantile and futures exchange quotations. The amounts recorded in current assets and current liabilities have immediate liquidity or short-term maturity, mostly less than three months. Considering the maturities and features of such instruments, their carrying amounts approximate their fair values.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.3pt; MARGIN: 0in 0in 0in 21.3pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Classification of financial instruments</FONT></B></P></DIV>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.6pt; PADDING-TOP: 0cm" vAlign=top width="41%" colSpan=11 align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"><FONT style="LINE-HEIGHT: normal">12/31/2011</FONT></FONT></B></P></TD>

   <TD vAlign=top width="1%" align=right><B><FONT style="LINE-HEIGHT: normal" color=#000000><B><FONT style="LINE-HEIGHT: normal"><B><FONT style="LINE-HEIGHT: normal"><B><FONT style="LINE-HEIGHT: normal"><B><FONT style="LINE-HEIGHT: normal">

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"><FONT style="LINE-HEIGHT: normal">12/31/2010</FONT></FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.85pt">

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.85pt; PADDING-TOP: 0cm" vAlign=bottom rowSpan=2 width="23%"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>Consolidated</FONT></B></FONT></B>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></B></P></FONT></B></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>Notes</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>Available</FONT></B><BR></P><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt">for sale</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>Fair value through profit or loss</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>Loans and receivables - effective interest rate</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>Other Liabilities - amortized cost<BR>method</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>Balances</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>Available</FONT></B><BR></P><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt"></FONT>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt">for sale</FONT></B></P></TD>

   <TD vAlign=middle rowSpan=2 width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.85pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>Fair value through profit or loss</FONT></B></P></TD>

   <TD vAlign=middle rowSpan=2 width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.85pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>Loans and receivables - effective interest rate</FONT></B></P></TD>

   <TD vAlign=middle rowSpan=2 width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.85pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>Other Liabilities - amortized cost method</FONT></B></P></TD>

   <TD vAlign=middle rowSpan=2 width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.85pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>Balances</FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.3pt"></TR>

<TR style="HEIGHT: 8.9pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>Assets</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.9pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="MARGIN: 0cm 0cm 0pt 10pt"><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>Current</FONT></B></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.9pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="MARGIN: 0cm 0cm 0pt 15pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>Cash and cash equivalents</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>5 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>15,417,393 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>15,417,393 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>10,239,278 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>10,239,278 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.9pt">

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="MARGIN: 0cm 0cm 0pt 15pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>Trade receivables, net</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>6 </FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>1,558,997 </FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>1,558,997 </FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>1,259,461 </FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>1,259,461 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.9pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="MARGIN: 0cm 0cm 0pt 15pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>Guarantee margin on financial instruments</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>8 and 15 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>407,467 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>407,467 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>254,485 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>254,485 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.9pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="MARGIN: 0cm 0cm 0pt 15pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>Derivative financial instruments</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>8 and 15 </FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD vAlign=bottom width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD vAlign=bottom width="1%" align=right></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>55,115 </FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>55,115 </FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.9pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="MARGIN: 0cm 0cm 0pt 15pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>Securitization reserve fund</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>22,644 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>22,644 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.9pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></B>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD></TR>

<TR style="HEIGHT: 8.9pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="MARGIN: 0cm 0cm 0pt 10pt"><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>Non-current </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD></TR>

<TR style="HEIGHT: 8.9pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="MARGIN: 0cm 0cm 0pt 15pt"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>Other trade receivables </FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>57,797 </FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>57,797 </FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>58,485 </FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>58,485 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.9pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="MARGIN: 0cm 0cm 0pt 15pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>Investments</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>2,089,309 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>2,089,309 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>2,102,112 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>2,102,112 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.9pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="MARGIN: 0cm 0cm 0pt 15pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>Derivative financial instruments</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>10 </FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>376,344 </FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>376,344 </FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>254,231 </FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>254,231 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.9pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="MARGIN: 0cm 0cm 0pt 15pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>Securitization reserve fund</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>32,031 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>32,031 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.9pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="MARGIN: 0cm 0cm 0pt 15pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>Short-term investments</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>139,679 </FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>139,679 </FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>112,484 </FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>112,484 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.9pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 15pt" align=right><B><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD></TR>

<TR style="HEIGHT: 8.9pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="MARGIN: 0cm 0cm 0pt 10pt"><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>Liabilities</FONT></B></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></B>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></B>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></B>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD></TR>

<TR style="HEIGHT: 8.9pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="MARGIN: 0cm 0cm 0pt 15pt"><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>Current</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD></TR>

<TR style="HEIGHT: 8.9pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="MARGIN: 0cm 0cm 0pt 20pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>Borrowings, financing and debentures</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>14 </FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>2,734,968 </FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>2,734,968 </FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>1,344,561 </FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>1,344,561 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.9pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="MARGIN: 0cm 0cm 0pt 20pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>Derivative financial instruments</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>15 and 16 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>2,971 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>2,971 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>116,407 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>116,407 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.9pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="MARGIN: 0cm 0cm 0pt 20pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>Trade payables</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>1,232,075 </FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>1,232,075 </FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>623,233 </FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>623,233 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.9pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="MARGIN: 0cm 0cm 0pt 15pt"><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>Non-current </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD></TR>

<TR style="HEIGHT: 8.9pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="MARGIN: 0cm 0cm 0pt 20pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>Borrowings, financing and debentures</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>14 </FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>25,331,950 </FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>25,331,950 </FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>18,861,631 </FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>18,861,631 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.9pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="MARGIN: 0cm 0cm 0pt 20pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>Derivative financial instruments</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>15 and 16 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="6%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>373,430 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>373,430 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>254,494 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.9pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 7pt" color=#000000>254,494 </FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=symbol><BR>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Fair value measurement</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The financial instruments recognized at fair value require the disclosure of fair value measurements at three hierarchy levels:</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-INDENT: -21.3pt; MARGIN: 0in 0in 0in 21.3pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.</FONT></P>

<P style="MARGIN: 0in 0in 0pt 20.9pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-INDENT: -21.3pt; MARGIN: 0in 0in 0in 21.3pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Level 2: other available inputs, except those of Level 1 that are observable for the asset or liability, whether directly (i.e., prices) or indirectly (i.e., derived from prices)</FONT></P>

<P style="MARGIN: 0in 0in 0in 21.3pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-INDENT: -21.3pt; MARGIN: 0in 0in 0in 21.3pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Level 3: inputs unavailable due to slight or no market activity and which is significant for the definition of the fair value of assets.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The following table shows the financial instruments recognized at fair value using a valuation method:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom rowSpan=2 width="28%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Consolidated</FONT></B></P></TD>

   <TD vAlign=bottom rowSpan=2 width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="35%" colSpan=7 align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2011</FONT></B></P></TD>

   <TD vAlign=bottom width="1%" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></FONT></B>

   <P></P></FONT></B>

   <P></P></FONT></B>

   <P></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="35%" colSpan=7 align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2010</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.5pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Level 1</FONT></B></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Level 2</FONT></B></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Level 3</FONT></B></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Balances</FONT></B></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Level 1</FONT></B></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Level 2</FONT></B></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Level 3</FONT></B></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Balances</FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.7pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Assets</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.7pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt 10pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Current</FONT></B></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt 10pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.7pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt 15pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Financial assets at fair value through profit or loss</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt 15pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.7pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt 15pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Derivative financial instruments</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt 15pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>55,115 </FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>55,115 </FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.7pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.7pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt 10pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Non-current </FONT></B></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt 10pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.7pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt 15pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Available-for-sale financial assets</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt 15pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.7pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt 15pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Investments</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt 15pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,089,309 </FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,089,309 </FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,102,112 </FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,102,112 </FONT></P></TD></TR>

<TR style="HEIGHT: 10.7pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.7pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt 10pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Financial assets at fair value through profit or loss</FONT></B></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt 10pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.7pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt 15pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Derivative financial instruments</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt 15pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>376,344 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>376,344 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>254,231 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>254,231 </FONT></P></TD></TR>

<TR style="HEIGHT: 10.7pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.7pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Liabilities</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.7pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt 10pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Current</FONT></B></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt 10pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.7pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt 15pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Financial liabilities at fair value through profit or loss</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt 15pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.7pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt 15pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Derivative financial instruments</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt 15pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,971 </FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,971 </FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>116,407 </FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>116,407 </FONT></P></TD></TR>

<TR style="HEIGHT: 10.7pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.7pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt 10pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Non-current </FONT></B></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt 10pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.7pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt 15pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Financial liabilities at fair value through profit or loss</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt 15pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.7pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">

   <P style="MARGIN: 0cm 0cm 0pt 15pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Derivative financial instruments</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt 15pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>373,430 </FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>373,430 </FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>254,494 </FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>254,494 </FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif><BR>II &#8211; investments in financial instruments classified as available for sale and measured at fair value through OCI</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>These consist mainly of investments in shares acquired in Brazil and abroad involving top ranked companies classified by international rating agencies as investment grade, which are recognized in non-current assets, and any gains or losses are <FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>recognized in equity, where they will remain until actual realization of the securities or when any loss is considered unrecoverable.</FONT></FONT> </P></DIV>

<DIV></DIV>

<P style="TEXT-ALIGN: right">Page 68 of 110</P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
&nbsp; <A name=page_70></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader70"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><EM><B><FONT style="LINE-HEIGHT: 115%; FONT-STYLE: normal; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B></EM>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 100%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>&nbsp;Potential impairment of financial assets classified
available for sale</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 100%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 100%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>During 2010 and 2011 CSN invested in ordinary (USIM3) and
preferred (USIM5) shares of Usiminas, classified as financial instruments
available for sale as they do not attend the criteria to be classified within
any of the other categories of financial instruments (measured at fair value
through profit and loss, held to maturity or loans and receivables). The
instruments are classified under non-current financial instruments and measured
at their fair value based on their quoted price at 31 December 2011 (IBOVESPA).
The company is evaluating strategic alternatives with respect to its investment
in Usiminas.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 100%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 100%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Considering the decline in market value of the shares
Usiminas during the year, the Company has evaluated whether, at the balance
sheet date, there is objective evidence of impairment of its investments in
Usiminas. Management evaluated if the decline in market value of the shares
Usiminas should be considered either significant or prolonged. Determining
whether a decline is significant or prolonged requires judgment and according to
CSN&#8217;s accounting policy, which is based on national and international
application, an instrument by instrument analysis is made based on quantitative
and qualitative information from the moment on onwards that the decline either
above 20% or more than 12 months.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 100%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 100%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Despite the Company&#8217;s investment strategy and despite the
fact that both the ordinary and preferred shares are equity instruments,
management separately evaluated the ordinary and preferred shares for impairment
considering the different rights attached to them. The policy of the Company
requires a detailed analysis of the percentage and period of decline,
characteristics of the instrument, the segment in which the entity operates and
volatility of the instrument. Additionally, macro-economic factors, qualitative
analyses and other relevant factors after the balance sheet date until the date
of approval of the financial statements are taken into consideration to the
extent that is possible within the context of the standards, their
interpretations and application in practice.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 100%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 100%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>To
determine the period of decline of the market value of the instruments below
their cost, the Company compared their respective weighted average cost of
acquisition at balance sheet date with the last trading date on which the quoted
maximum price was above this weighted average cost of acquisition. In case of
the ordinary shares the period of decline was calculated at 1 month, while in
the case of the preferred shares the period of decline was calculated at 7
months. Management is of the opinion that, considering its accounting policy,
the decline is not prolonged.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 100%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 100%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Volatility measures the dispersions between returns of a
share or index. Volatility is a measure of risk of a share, but also serves to
evaluate to what extent price variations historically are within expectations.
Historical volatility of the shares is calculated and considered in order to
identify the expected fluctuation of the respective instruments, evaluate the
expected future volatility and conclude if a decline in market value of an
instrument below its cost should be considered significant. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 100%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 100%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The
following table shows these indicators for a period of 12 years,</FONT><FONT style="LINE-HEIGHT: 100%; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">
</FONT><FONT style="LINE-HEIGHT: 100%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>long period sufficient to eliminate volatility spikes
caused by economic crises:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 100%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 3.5pt" border=0 cellSpacing=0 cellPadding=0>

  <TR style="HEIGHT: 0pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="54%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif>Period</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="46%" colSpan=2>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" lang=PT-BR color=black face=arial,sans-serif>Volatility</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 0pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="54%" noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="23%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" lang=PT-BR color=black face=arial,sans-serif>USIM3</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="23%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" lang=PT-BR color=black face=arial,sans-serif>USIM5</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 0pt">
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="54%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1/3/2000 to 12/31/2011</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="23%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif>50.42%</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="23%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif>48.57%</FONT></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><SUB><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></SUB>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 100%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 100%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>In
light of this information, Management concluded that the decline in market value
relative to their price of acquisition of the shares of USIM3 and USIM5 at 31
December 2011 of 30.8% and 34.5%, respectively, is not significant. At 23, March
2012 the decline of the shares had significantly reduced to 20.5% and 15.5%
respectively.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 100%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 100%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Management considers that during the period under analysis
there have not been significant changes with an adverse effect in the
technological, market, economic and legal environment in which Usiminas
operates. Further, while the market value of Usiminas at 31 December 2011 was
below the value of its net assets at that date (R$ 13.5 billion and R$ 19
billion respectively) and the company therefore was required to evaluate
impairment of its assets in accordance with IAS38.12(d) (CPC01.12(d)), the
company did not register any such impairment. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 100%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 100%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Considering the quantitative and qualitative analyses
above, Management is of the opinion that there is no objective evidence of
impairment of the ordinary and preferred shares of Usiminas and consequently has
not reclassified losses thus <FONT style="LINE-HEIGHT: 100%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>far recognized in other comprehensive income
(R$ 767,924, net of tax).</FONT></FONT> </P></DIV>
<DIV></DIV>
<P style="TEXT-ALIGN: right">Page 69 of 110</P>
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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_71></A>
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<a name="_bclHeader71"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>III &#8211; Fair values of assets and liabilities as compared to
their carrying amounts</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Financial assets and liabilities at fair value through
profit or loss are recognized in current and non-current assets and liabilities,
and any gains and possible losses are recognized as finance income or finance
costs, respectively.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The amounts are recognized in the financial statements at
their carrying amounts, which are substantially similar to those that would be
obtained if they were traded in the market. The fair values of other long-term
assets and liabilities do not differ significantly from their carrying amounts,
except the amounts below.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The estimated fair values of consolidated long-term
borrowings and financing were calculated at prevailing market rates, taking into
consideration the nature, terms and risks similar to those of the recorded
contracts, as compared below:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>

  <TR style="HEIGHT: 10.9pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="41%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="29%" colSpan=3 align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2011</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="29%" colSpan=3 align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2010</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 12.5pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="41%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Carrying amount</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Fair value</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Carrying amount</FONT></B></P></TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Fair value</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 12.5pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="41%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Guaranteed perpetual bonds</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,878,353 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,819,903 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,668,468 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,663,701 </FONT></P></TD></TR>
  <TR style="HEIGHT: 12.5pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="41%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Fixed rate notes</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>5,183,690 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>5,832,364 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4,606,820 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4,966,629 </FONT></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0cm 0cm 10pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif><BR>IV &#8211; Financial risk management policy</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The
Company has and follows a policy of managing its risks, with guidelines
regarding the risks incurred by the company. Pursuant to this policy, the nature
and general position of financial risks are regularly monitored and managed in
order to assess the results and the financial impact on cash flow. The credit
limits and the quality of counterparties&#8217; hedge instruments are also
periodically reviewed. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The
risk management policy was established by the Board of Directors. Under this
policy, market risks are hedged when it is considered necessary to support the
corporate strategy or when it is necessary to maintain a level of financial
flexibility.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Under
the terms of the risk management policy, the Company manages some risks by using
derivative financial instruments. The Company&#8217;s risk policy prohibits any
speculative deals or short sales.</FONT></P>
<P style="MARGIN: 0in 0in 0pt 14.15pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Liquidity risk</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>It is the risk that the Company may not have sufficient
net funds to honor its financial commitments as a result of mismatching of terms
or volumes between scheduled receipts and payments.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>To
manage cash liquidity in domestic and foreign currency, assumptions of future
disbursements and receipts are established and daily monitored by the treasury
area. The payment schedules for the long-term portions of borrowings, financing
and debentures are shown in Note 14.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The
following table shows the contractual maturities of financial liabilities,
including estimated interest payments.<BR></FONT></P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>

  <TR style="HEIGHT: 10.9pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="59%" colSpan=9 align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Consolidated</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 21pt">
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>At December 31, 2011</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Less than one year</FONT></B></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>From one to two<BR>years</FONT></B></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>From two to five<BR>years</FONT></B></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Over five years</FONT></B></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Total</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 12.5pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Borrowings, financing and debentures</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,734,968 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,263,889 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>6,724,483 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>16,343,578 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>28,066,918 </FONT></P></TD></TR>
  <TR style="HEIGHT: 12.5pt">
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Derivative financial instruments</FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,971 </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>373,430 </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>376,401 </FONT></P></TD></TR>
  <TR style="HEIGHT: 12.5pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Trade payables</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,232,075 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,232,075 </FONT></P></TD></TR>
  <TR style="HEIGHT: 12.5pt">
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 12.5pt">
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>At December 31, 2010</FONT></B></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 12.5pt">
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Borrowings, financing and debentures</FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,344,561 </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4,254,057 </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>6,357,169 </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>8,250,405 </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>20,206,192 </FONT></P></TD></TR>
  <TR style="HEIGHT: 12.5pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Derivative financial instruments</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>116,407 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>254,494 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>370,901 </FONT></P></TD></TR>
  <TR style="HEIGHT: 12.5pt">
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Trade payables</FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>623,232 </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>623,232 </FONT></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>
<DIV></DIV>
<P style="TEXT-ALIGN: right">Page 70 of 110</P>
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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_72></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader72"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Foreign exchange rate risk</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The Company assesses its exchange exposure by subtracting
its liabilities from its assets denominated in dollar, euro and australian
dollar, thus arriving at its net exchange exposure, which is the foreign
currency exposure risk. Therefore, besides the trade receivables arising from
exports and investments overseas that in economic terms constitute natural
hedges, the Company further considers and uses various financial instruments,
such as derivative instruments (US$ to Real and euro to dollar swaps, and
forward exchange contracts, etc.) to manage its risks of fluctuations in
currencies other than the Brazilian real.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Policies on the use of hedging derivatives</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company&#8217;s financial policy reflects the parameters of
liquidity, credit and market risks approved by the Audit Committee and Board of
Directors. The use of derivative instruments in order to prevent fluctuations in
interest and exchange rates from having a negative impact on the company&#8217;s
balance sheet and income statement should consider the same parameters. As
provided for in internal rules, this financial investment policy has been
approved and is being managed by the finance officers.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>At the meetings of the Executive Officers and Board of
Directors, the officers and directors routinely present and discuss the
Company&#8217;s financial positions. Under the bylaws, transactions involving material
amounts require the prior approval of management bodies. The use of other
derivative instruments is contingent upon the express prior approval of the
Board of Directors.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>To finance its activities, the Company resorts to the
capital markets, both locally and internationally, and based on the indebtedness
profile it is seeking, part of the debt is pegged to foreign currency, basically
to the US dollar, which causes Management to seek hedging for debt through
derivative financial instruments.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>To contract derivative financial instruments for hedging
within the internal control structure, the following policies are
adopted:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.3pt; MARGIN: 0in 0in 0pt 21.3pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>ongoing calculation of exchange exposure that occurs by
analyzing assets and liabilities exposed to foreign currency, under the
following terms:(i) trade receivables and payables in foreign currency; (ii)
cash and cash equivalents and debts in foreign currency considering the maturity
of the assets and liabilities exposed to exchange fluctuations;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.3pt; MARGIN: 0in 0in 0pt 21.3pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>presentation of the financial position and exchange
exposure on a routine basis at meetings of the Executive Officers and Board of
Directors that approve the hedging strategy;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.3pt; MARGIN: 0in 0in 0pt 21.3pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>carrying out derivative hedging transactions only with
leading banks, diluting the credit risk through diversification among these
banks;</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The consolidated net exposure as of December 31, 2011 is
as follows:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>
<DIV></DIV>
<P style="TEXT-ALIGN: right">Page 71 of 110</P>
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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_73></A>
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<a name="_bclHeader73"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>

  <TR style="HEIGHT: 15.25pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 15.25pt; PADDING-TOP: 0cm" vAlign=bottom width="85%" colSpan=5>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" color=#000000 face=arial,sans-serif></FONT></B></P>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%">&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 15.25pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2011</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 23.3pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 23.3pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Foreign Exchange Rate Exposure</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 23.3pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 23.3pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Amounts US$ thousand)</FONT></B></P></TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 23.3pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Amounts EUR thousand)</FONT></B></P></TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 23.3pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Amounts A$ thousand)</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Cash and cash equivalents overseas</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>5,613,908 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>302,553 </FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Derivative guarantee margin</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>217,223 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Trade receivables - foreign market</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>287,616 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>7,844 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Other assets</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>139,219 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>118 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Total assets</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>6,257,966 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>7,962 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>302,553 </FONT></B></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Borrowings and financing</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(5,299,622)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Trade payables</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(10,779)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,450)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Other liabilities</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(56,479)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(16)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Total liabilities</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(5,366,880)</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,466)</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Gross exposure</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>891,086 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>6,496 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>302,553 </FONT></B></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Notional amount of derivatives
    contracted</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>267,856 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(90,000)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="55%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Net exposure</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,158,942 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(83,504)</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>302,553 </FONT></B></P></TD></TR>
  <TR>
    <TD vAlign=bottom width="55%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="14%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="14%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="14%">&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Gains and losses on these transactions are consistent with
the policies and strategies defined by management.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Exchange swap transactions</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The Company carries out exchange swap
transactions in order to hedge its assets and liabilities against any
fluctuations in the US dollar-real parity.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>This hedge through exchange swaps provides the
Company, through the long position of the contract, with a forward rate
agreement (FRA) gain on the exchange coupon, which at the same time improves our
investment rates and reduces the cost of our funding in the international
market.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>As of
December 31, 2011, the Company had a long position in exchange swap of
US$367,856 thousand (US$1,249,529 thousand as of December 31, 2010) where we
received, in the long position, exchange rate change plus 3.4541% per year on
average (in 2010, exchange rate change plus 2.29% per year), and paid 100% of
CDI, in the short position of the exchange swap contract.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>As of
December 31, 2011 the Company held a short position in a foreign exchange swap
of US$100,000 thousand, where we paid foreign exchange change plus interest of
2.39% per year on average in the short position and received 100% of CDI in the
long position of the foreign exchange swap.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>As of
December 31, 2011, the consolidated position of these contracts is as
follows:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>a) Outstanding transactions</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>US dollar-to-real exchange swap</FONT></B></P></DIV>
<DIV></DIV>
<P style="TEXT-ALIGN: right">Page 72 of 110</P>
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<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>

  <TR style="HEIGHT: 10.9pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="30%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="21%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2011</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 24pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=middle width="30%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=middle width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=middle width="21%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=middle width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=middle width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=middle width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=middle width="23%" colSpan=3>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Appreciation (R$)</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=middle width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=middle width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Fair value</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 32.65pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="30%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Counterparties</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Transaction maturity</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Notional (US$ thousand)</FONT></B></P></TD>
    <TD vAlign=middle width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Asset position </FONT></B></P></TD>
    <TD vAlign=middle width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Liability position</FONT></B></P></TD>
    <TD vAlign=middle width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Amount receivable / (payable)</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 10.9pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="30%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>JP Morgan</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>2/1/2012 to 3/1/2012</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>9,981 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>19,127 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(18,556)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>571 </FONT></P></TD></TR>
  <TR style="HEIGHT: 10.9pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="30%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>HSBC</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>4/22/2012 to 6/15/2012</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>101,317 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>192,919 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(176,554)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>16,365 </FONT></P></TD></TR>
  <TR style="HEIGHT: 10.9pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="30%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Soci&#233;t&#233; G&#233;n&#233;rale</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>02/1/2012 to 8/2/2012</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>16,635 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>30,554 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(29,362)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,192 </FONT></P></TD></TR>
  <TR style="HEIGHT: 10.9pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="30%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Bradesco</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1/8/2012</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,327 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,279 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(5,743)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>536 </FONT></P></TD></TR>
  <TR style="HEIGHT: 10.9pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="30%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Banco do Brasil</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>7/2/2012 to 9/3/2012</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,654 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>12,605 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(12,413)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>192 </FONT></P></TD></TR>
  <TR style="HEIGHT: 10.9pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="30%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Santander</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>2/1/2012 to 1/2/2015</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>14,990 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>28,900 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(28,416)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>484 </FONT></P></TD></TR>
  <TR style="HEIGHT: 10.9pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="30%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Goldman Sachs</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>2/1/2015</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>190,000 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>371,174 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(352,514)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>18,660 </FONT></P></TD></TR>
  <TR style="HEIGHT: 10.9pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="30%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Banco de Tokyo</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/15/2016</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>24,952 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>46,980 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(47,960)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(980)</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.05pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.05pt; PADDING-TOP: 0cm" vAlign=top width="30%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.05pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.05pt; PADDING-TOP: 0cm" vAlign=top width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.05pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.05pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>367,856 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.05pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.05pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>708,538 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.05pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.05pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(671,518)</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.05pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.05pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>37,020 </FONT></B></P></TD></TR>
  <TR style="HEIGHT: 5.05pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.05pt; PADDING-TOP: 0cm" vAlign=top width="30%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.05pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.05pt; PADDING-TOP: 0cm" vAlign=top width="21%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.05pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.05pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.05pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.05pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.05pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.05pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.05pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.05pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 10.9pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="30%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="21%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 9.35pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.35pt; PADDING-TOP: 0cm" vAlign=top width="30%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.35pt; PADDING-TOP: 0cm" vAlign=top width="21%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.35pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.35pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.35pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.35pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2010</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 24pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=middle width="30%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=middle width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=middle width="21%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=middle width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=middle width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=middle width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=middle width="23%" colSpan=3>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Appreciation (R$)</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=middle width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 24pt; PADDING-TOP: 0cm" vAlign=middle width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Fair value (market)</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 35.65pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 35.65pt; PADDING-TOP: 0cm" vAlign=middle width="30%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Counterparties</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 35.65pt; PADDING-TOP: 0cm" vAlign=middle width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 35.65pt; PADDING-TOP: 0cm" vAlign=middle width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Transaction maturity</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 35.65pt; PADDING-TOP: 0cm" vAlign=middle width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 35.65pt; PADDING-TOP: 0cm" vAlign=middle width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Notional (US$ thousand)</FONT></B></P></TD>
    <TD vAlign=middle width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 35.65pt; PADDING-TOP: 0cm" vAlign=middle width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Asset position</FONT></B></P></TD>
    <TD vAlign=middle width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 35.65pt; PADDING-TOP: 0cm" vAlign=middle width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Liability position</FONT></B></P></TD>
    <TD vAlign=middle width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 35.65pt; PADDING-TOP: 0cm" vAlign=middle width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Amount (payable)</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 10.9pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="30%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>JP Morgan</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>11/1/2011 to '3/1/2012</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,654 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>11,078 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(11,170)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(92)</FONT></P></TD></TR>
  <TR style="HEIGHT: 10.9pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="30%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>HSBC</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1/3/2011</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>223,000 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>372,794 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(385,900)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(13,106)</FONT></P></TD></TR>
  <TR style="HEIGHT: 10.9pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="30%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Soci&#233;t&#233; G&#233;n&#233;rale</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>2/1/2011 to '12/1/2011</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>23,289 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>39,687 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(50,254)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(10,567)</FONT></P></TD></TR>
  <TR style="HEIGHT: 10.9pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="30%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Pactual</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>7/1/2011</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,327 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>5,847 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(8,573)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,726)</FONT></P></TD></TR>
  <TR style="HEIGHT: 10.9pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="30%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Deutsche Bank</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1/3/2011 to 2/1/2011</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>265,000 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>443,143 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(468,544)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(25,401)</FONT></P></TD></TR>
  <TR style="HEIGHT: 10.9pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="30%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Santander</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1/3/2011 to 1/2/2015</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>131,625 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>220,951 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(239,169)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(18,218)</FONT></P></TD></TR>
  <TR style="HEIGHT: 10.9pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="30%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Goldman Sachs</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1/3/2011 to 1/2/2015</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>130,000 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>215,302 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(224,658)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(9,356)</FONT></P></TD></TR>
  <TR style="HEIGHT: 10.9pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="30%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Itau BBA</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1/3/2011 to 12/1/2011</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>466,634 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>779,802 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(809,381)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(29,579)</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="30%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,249,529 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,088,604 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(2,197,649)</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(109,045)</FONT></B></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=symbol><BR>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Real-to-US dollar exchange swap</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>

  <TR style="HEIGHT: 10.9pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="30%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="21%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width="37%" colSpan=7>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2011</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 0pt">
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="30%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P><BR>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Counterparties</FONT></B></P></TD>
    <TD vAlign=middle rowSpan=2 width="1%"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif><BR>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P><BR></FONT></B>
      <P></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P><BR>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Transaction<BR>maturity</FONT></B></P></TD>
    <TD vAlign=middle rowSpan=2 width="1%"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif><BR>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P><BR></FONT></B>
      <P></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Notional (US$<BR>thousand)</FONT></B></P></TD>
    <TD vAlign=middle rowSpan=2 width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=middle width="23%" colSpan=3>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Appreciation (R$)</FONT></B></P></TD>
    <TD vAlign=middle width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=middle width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Fair value<BR>(market)</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 21.7pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Asset<BR>position </FONT></B></P></TD>
    <TD vAlign=middle width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Liability<BR>position</FONT></B></P></TD>
    <TD vAlign=middle width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Amount<BR>(payable)</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 10.9pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="30%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Santander</FONT></I></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></I></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>2/1/2012</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(70,000)</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>130,266 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(130,787)</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(521)</FONT></P></TD></TR>
  <TR style="HEIGHT: 10.9pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="30%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Goldman Sachs</FONT></I></P></TD>
    <TD vAlign=top width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></I></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>2/1/2012</FONT></P></TD>
    <TD vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(30,000)</FONT></P></TD>
    <TD vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>55,704 </FONT></P></TD>
    <TD vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(56,030)</FONT></P></TD>
    <TD vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(326)</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="30%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></I></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(100,000)</FONT></B></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>185,970 </FONT></B></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(186,817)</FONT></B></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(847)</FONT></B></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Iene-to-US dollar exchange swap&nbsp;
</FONT></B></P></DIV>
<DIV></DIV>
<P style="TEXT-ALIGN: right">Page 73 of 110</P>
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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_75></A>
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<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>

  <TR style="HEIGHT: 12.35pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="30%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="21%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="36%" colSpan=6>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2011</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 0pt">
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="30%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Counterparties</FONT></B></P></TD>
    <TD vAlign=middle rowSpan=2 width="1%"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></FONT></B>
      <P></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Transaction<BR>maturity</FONT></B></P></TD>
    <TD vAlign=middle rowSpan=2 width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Notional (iene)</FONT></B></P></TD>
    <TD vAlign=middle rowSpan=2 width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=middle width="23%" colSpan=3>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Appreciation (R$) </FONT></B></P></TD>
    <TD vAlign=middle width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=middle width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Fair value<BR>(market) </FONT></B></P></TD></TR>
  <TR style="HEIGHT: 21.7pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Asset<BR>position </FONT></B></P></TD>
    <TD vAlign=middle width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Liability<BR>position </FONT></B></P></TD>
    <TD vAlign=middle width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Amount<BR>receivable </FONT></B></P></TD></TR>
  <TR style="HEIGHT: 12.35pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Deutsche Bank </FONT></I></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></I></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/12/2013</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>59,090,000 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>374,455 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(373,430)</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,025 </FONT></P></TD></TR>
  <TR style="HEIGHT: 13.1pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></I>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></I></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=bottom width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>59,090,000 </FONT></B></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>374,455 </FONT></B></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(373,430)</FONT></B></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,025 </FONT></B></P></TD></TR>
  <TR style="HEIGHT: 13.1pt">
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></I>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></I></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=bottom width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 5.75pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></I>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></I></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 12.35pt">
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="21%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2010</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 21.7pt">
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="30%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #ffffff" vAlign=middle width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #ffffff" vAlign=middle width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Notional (iene) </FONT></B></P></TD>
    <TD style="BACKGROUND-COLOR: #ffffff" vAlign=middle width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="23%" colSpan=3>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Appreciation (R$) </FONT></B></P></TD>
    <TD style="BACKGROUND-COLOR: #ffffff" vAlign=middle width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Fair value<BR>(market) </FONT></B></P></TD></TR>
  <TR style="HEIGHT: 0pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=middle width="30%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Counterparties </FONT></B></P></TD>
    <TD style="BACKGROUND-COLOR: #ffffff" vAlign=middle width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=middle width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Transaction<BR>maturity </FONT></B></P></TD>
    <TD style="BACKGROUND-COLOR: #ffffff" vAlign=middle width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" vAlign=middle width="11%">&nbsp;</TD>
    <TD style="BACKGROUND-COLOR: #ffffff" vAlign=middle width="1%"></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=middle width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Asset<BR>position </FONT></B></P></TD>
    <TD style="BACKGROUND-COLOR: #ffffff" vAlign=middle width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=middle width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Liability<BR>position </FONT></B></P></TD>
    <TD style="BACKGROUND-COLOR: #ffffff" vAlign=middle width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=middle width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Amount receivable/<BR>(payable)
</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 12.35pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Deutsche Bank </FONT></I></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></I></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/12/2013</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>59,090,000 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>254,231 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(254,231)</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 13.1pt">
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></I>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></I></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=bottom width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>59,090,000 </FONT></B></P></TD>
    <TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>254,231 </FONT></B></P></TD>
    <TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(254,231)</FONT></B></P></TD>
    <TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.1pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>b) Settled US dollar-real transactions</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 0px" border=0 cellSpacing=0 cellPadding=0>

  <TR style="HEIGHT: 10.9pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="28%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="23%" colSpan=5>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>
    <TD vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="23%" colSpan=5>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>
    <TD vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 10.9pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="28%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="23%" colSpan=5 align=center>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Appreciation 2011</FONT></B></P></TD>
    <TD vAlign=top width="1%" align=center>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="23%" colSpan=5 align=center>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Appreciation 2010</FONT></B></P></TD>
    <TD vAlign=top width="1%" align=center>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 0pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=middle width="28%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Counterparties</FONT></B></P></TD>
    <TD vAlign=middle width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=middle width="7%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Notional (US$ thousand)</FONT></B></P></TD>
    <TD vAlign=middle width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=middle width="7%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Asset position (R$)</FONT></B></P></TD>
    <TD vAlign=middle width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=middle width="7%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Liability position (R$)</FONT></B></P></TD>
    <TD vAlign=middle width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=middle width="7%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Amount received / (paid) in 2011</FONT></B></P></TD>
    <TD vAlign=middle width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=middle width="7%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Notional (US$ thousand)</FONT></B></P></TD>
    <TD vAlign=middle width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=middle width="7%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Asset position (R$)</FONT></B></P></TD>
    <TD vAlign=middle width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=middle width="7%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Liability position (R$)</FONT></B></P></TD>
    <TD vAlign=middle width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=middle width="7%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Fair value in 2010</FONT></B></P></TD>
    <TD vAlign=middle width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=middle width="7%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Impact on P&amp;L in 2011</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 10.9pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Deutsche Bank</FONT></I></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></I></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,352,000 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,809,284 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(3,927,022)</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(117,738)</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>265,000 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>443,143 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(468,544)</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(25,401)</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(92,337)</FONT></P></TD></TR>
  <TR style="HEIGHT: 10.9pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Goldman Sachs</FONT></I></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></I></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100,000 </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,978,316 </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(2,975,695)</FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,621 </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100,000 </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>167,243 </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(173,031)</FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(5,788)</FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>8,409 </FONT></P></TD></TR>
  <TR style="HEIGHT: 10.9pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>HSBC</FONT></I></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></I></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,843,000 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,022,397 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(3,092,542)</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(70,145)</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>223,000 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>372,794 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(385,900)</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(13,106)</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(57,039)</FONT></P></TD></TR>
  <TR style="HEIGHT: 10.9pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Itau BBA</FONT></I></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></I></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>809,635 </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,345,353 </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,380,319)</FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(34,966)</FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>466,635 </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>779,802 </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(809,378)</FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(29,576)</FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(5,390)</FONT></P></TD></TR>
  <TR style="HEIGHT: 10.9pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Santander</FONT></I></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></I></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>246,625 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>412,585 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(434,164)</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(21,579)</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>121,625 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>204,241 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(221,856)</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(17,615)</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(3,964)</FONT></P></TD></TR>
  <TR style="HEIGHT: 10.9pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>BTG Pactual</FONT></I></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></I></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,327 </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>5,542 </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(9,050)</FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(3,508)</FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,327 </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>5,847 </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(8,573)</FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(2,726)</FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(782)</FONT></P></TD></TR>
  <TR style="HEIGHT: 10.9pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Soci&#233;t&#233; G&#233;n&#233;rale</FONT></I></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></I></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>23,289 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>41,093 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(52,363)</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(11,270)</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>23,289 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>39,687 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(50,255)</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(10,568)</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(702)</FONT></P></TD></TR>
  <TR style="HEIGHT: 10.9pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>JP Morgan</FONT></I></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></I></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,327 </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>5,737 </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(6,075)</FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(338)</FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>6,654 </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>11,078 </FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(11,170)</FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(92)</FONT></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(246)</FONT></P></TD></TR>
  <TR style="HEIGHT: 10.9pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Bradesco</FONT></I></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></I></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,663 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,143 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(2,755)</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>388 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>388 </FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></I></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>5,382,866 </FONT></B></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>11,623,450 </FONT></B></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(11,879,985)</FONT></B></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(256,535)</FONT></B></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,209,530 </FONT></B></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,023,835 </FONT></B></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(2,128,707)</FONT></B></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(104,872)</FONT></B></P></TD>
    <TD vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(151,663)</FONT></B></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The
position of outstanding transactions was recorded in the Company&#8217;s assets and
liabilities and totals R$37,020 in assets and R$847 in liabilities as of
December 31, 2011 (R$109,045 in liabilities as of December 31, 2010) and its
effects are recognized in the Company&#8217;s finance income (costs) as loss totaling
R$115,490 as of December 31, 2011 (loss of R$231,673 as of December 31, 2010)
(see Note 26).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 0.25in"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Euro-to-US dollar exchange swap</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>In
addition to the swaps above, the Company also contracted NDFs (non-deliverable
forwards) to hedge its euro-denominated assets. Basically the Company contracted
financial derivatives for its euro-denominated assets, where it will receive the
difference between the US dollar exchange rate change for the period, multiplied
by the notional amount (long position) and pay the difference between the
exchange rate change in euro for the period on the notional euro amount on the
contract date (short position).In general, these are transactions conducted in
the Brazilian over-the-counter market that have as counterparties prime
financial institutions, contracted under the exclusive funds.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>As of
December 31, 2011, the consolidated position of these contracts was as
follows:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>a) Outstanding transactions</FONT></B></P></DIV>
<DIV></DIV>
<P style="TEXT-ALIGN: right">Page 74 of 110</P>
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      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=middle width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=middle width="21%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=middle width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=middle width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=middle width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=middle width="23%" colSpan=3>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=middle width="1%"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></FONT>
      <P></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=middle width="11%">
      <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2011</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 17.4pt">
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 17.4pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="30%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P><BR>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Counterparties</FONT></B></P></TD>
    <TD vAlign=middle rowSpan=2 width="1%"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif><BR>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P><BR></FONT></B>
      <P></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 17.4pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="21%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P><BR>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Transaction maturity</FONT></B></P></TD>
    <TD vAlign=middle rowSpan=2 width="1%"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif><BR>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P><BR></FONT></B>
      <P></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 17.4pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P><BR>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Notional
      (EUR thousand)</FONT></B></P></TD>
    <TD vAlign=middle rowSpan=2 width="1%"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif><BR>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P><BR></FONT></B>
      <P></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 17.4pt; PADDING-TOP: 0cm" vAlign=middle width="23%" colSpan=3>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Appreciation (R$)</FONT></B></P></TD>
    <TD vAlign=middle width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 17.4pt; PADDING-TOP: 0cm" vAlign=middle width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Fair value (market)</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 17.4pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 17.4pt; PADDING-TOP: 0cm" vAlign=middle width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Asset position </FONT></B></P></TD>
    <TD vAlign=middle width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 17.4pt; PADDING-TOP: 0cm" vAlign=middle width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Liability position</FONT></B></P></TD>
    <TD vAlign=middle width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 17.4pt; PADDING-TOP: 0cm" vAlign=middle width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Amount receivable</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 8.75pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="30%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>HSBC</FONT></I></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></I></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1/12/2012</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>25,000 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>51,469 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(48,556)</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,913 </FONT></P></TD></TR>
  <TR style="HEIGHT: 8.75pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="30%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Deutsche Bank</FONT></I></P></TD>
    <TD vAlign=top width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></I></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1/12/2012</FONT></P></TD>
    <TD vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>25,000 </FONT></P></TD>
    <TD vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>51,521 </FONT></P></TD>
    <TD vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(48,556)</FONT></P></TD>
    <TD vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,965 </FONT></P></TD></TR>
  <TR style="HEIGHT: 8.75pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="30%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Goldman Sachs</FONT></I></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></I></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1/12/2012</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>40,000 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>128,761 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(121,389)</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>7,372 </FONT></P></TD></TR>
  <TR style="HEIGHT: 9.35pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.35pt; PADDING-TOP: 0cm" vAlign=top width="30%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>
    <TD vAlign=top width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></I></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.35pt; PADDING-TOP: 0cm" vAlign=top width="21%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.35pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>90,000 </FONT></B></P></TD>
    <TD vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.35pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>231,751 </FONT></B></P></TD>
    <TD vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.35pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(218,501)</FONT></B></P></TD>
    <TD vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.35pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>13,250 </FONT></B></P></TD></TR>
  <TR style="HEIGHT: 4.1pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="30%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></I>&nbsp;</P></TD>
    <TD vAlign=top width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></I></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="21%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 8.75pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="30%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="21%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 8.75pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=middle width="30%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=middle width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=middle width="21%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=middle width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=middle width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=middle width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=middle width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=middle width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=middle width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=middle width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=middle width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 8.75pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=middle width="30%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=middle width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=middle width="21%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=middle width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=middle width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=middle width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=middle width="23%" colSpan=3>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=middle width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=middle width="11%">
      <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2010</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 17.4pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 17.4pt; PADDING-TOP: 0cm" vAlign=middle width="30%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD vAlign=middle width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 17.4pt; PADDING-TOP: 0cm" vAlign=middle width="21%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD vAlign=middle width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 17.4pt; PADDING-TOP: 0cm" vAlign=middle width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD vAlign=middle width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 17.4pt; PADDING-TOP: 0cm" vAlign=middle width="23%" colSpan=3>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Appreciation (R$)</FONT></B></P></TD>
    <TD vAlign=middle width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 17.4pt; PADDING-TOP: 0cm" vAlign=middle width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Fair value (market)</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 17.4pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 17.4pt; PADDING-TOP: 0cm" vAlign=middle width="30%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Counterparties</FONT></B></P></TD>
    <TD vAlign=middle width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 17.4pt; PADDING-TOP: 0cm" vAlign=middle width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Transaction maturity</FONT></B></P></TD>
    <TD vAlign=middle width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 17.4pt; PADDING-TOP: 0cm" vAlign=middle width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Notional (EUR thousand)</FONT></B></P></TD>
    <TD vAlign=middle width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 17.4pt; PADDING-TOP: 0cm" vAlign=middle width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Asset position </FONT></B></P></TD>
    <TD vAlign=middle width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 17.4pt; PADDING-TOP: 0cm" vAlign=middle width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Liability position</FONT></B></P></TD>
    <TD vAlign=middle width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 17.4pt; PADDING-TOP: 0cm" vAlign=middle width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Amount receivable</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 8.75pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="30%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>HSBC</FONT></I></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></I></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1/20/2011</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>15,000 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>34,029 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(33,424)</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>605 </FONT></P></TD></TR>
  <TR style="HEIGHT: 8.75pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="30%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Deutsche Bank</FONT></I></P></TD>
    <TD vAlign=top width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></I></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1/20/2011</FONT></P></TD>
    <TD vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>25,000 </FONT></P></TD>
    <TD vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>56,648 </FONT></P></TD>
    <TD vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(55,707)</FONT></P></TD>
    <TD vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>941 </FONT></P></TD></TR>
  <TR style="HEIGHT: 8.75pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="30%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Goldman Sachs</FONT></I></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></I></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1/20/2011</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>50,000 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>113,295 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(111,415)</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,880 </FONT></P></TD></TR>
  <TR style="HEIGHT: 9.35pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.35pt; PADDING-TOP: 0cm" vAlign=top width="30%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>
    <TD vAlign=top width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></I></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.35pt; PADDING-TOP: 0cm" vAlign=top width="21%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.35pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>90,000 </FONT></B></P></TD>
    <TD vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.35pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>203,972 </FONT></B></P></TD>
    <TD vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.35pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(200,546)</FONT></B></P></TD>
    <TD vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.35pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,426 </FONT></B></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>b) Settled transactions</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 0px" border=0 cellSpacing=0 cellPadding=0>

  <TR style="HEIGHT: 10.9pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="19%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="26%" colSpan=5>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="26%" colSpan=5>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 10.9pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="19%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="26%" colSpan=5 align=center>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Appreciation 2011</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="26%" colSpan=5 align=center>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Appreciation 2010</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 0pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=middle width="19%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Counterparties</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=middle width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=middle width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Notional (EUR thousand)</FONT></B></P></TD>
    <TD vAlign=middle width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=middle width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Asset position (R$)</FONT></B></P></TD>
    <TD vAlign=middle width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=middle width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Liability position (R$)</FONT></B></P></TD>
    <TD vAlign=middle width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=middle width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Received / (paid) in 2011</FONT></B></P></TD>
    <TD vAlign=middle width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=middle width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Notional (EUR thousand)</FONT></B></P></TD>
    <TD vAlign=middle width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=middle width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Asset position (R$)</FONT></B></P></TD>
    <TD vAlign=middle width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=middle width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Liability position (R$)</FONT></B></P></TD>
    <TD vAlign=middle width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=middle width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Fair value in 2010</FONT></B></P></TD>
    <TD vAlign=middle width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=middle width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Impact on P&amp;L in 2011</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 10.9pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=middle width="19%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Deutsche Bank</FONT></I></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=middle width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=middle width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>210,000 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=middle width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=middle width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>475,582 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=middle width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=middle width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(481,504)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=middle width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=middle width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(5,922)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=middle width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=middle width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>25,000 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=middle width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=middle width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>56,648 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=middle width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=middle width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(55,707)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=middle width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=middle width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>941 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=middle width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=middle width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(6,863)</FONT></P></TD></TR>
  <TR style="HEIGHT: 10.9pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="19%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Goldman Sachs</FONT></I></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>140,000 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>321,800 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(319,448)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,352 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>50,000 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>113,295 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(111,415)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,880 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>472 </FONT></P></TD></TR>
  <TR style="HEIGHT: 10.9pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="19%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>HSBC</FONT></I></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>15,000 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>34,029 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(33,413)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>616 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>15,000 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>34,029 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(33,424)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>605 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>11 </FONT></P></TD></TR>
  <TR style="HEIGHT: 10.9pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="19%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Itau BBA</FONT></I></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>85,000 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>199,820 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(197,116)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,704 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,704 </FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="19%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></I>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>450,000 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,031,231 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,031,481)</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(250)</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>90,000 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>203,972 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(200,546)</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,426 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(3,676)</FONT></B></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The
position of outstanding transactions was recognized in the Company&#8217;s assets and
totals R$13,250 as of December 31, 2011 (R$3,426 in assets as of December 31,
2010) and its effects are recognized in the Company&#8217;s finance income (costs) as
a gain totaling R$9,574 as of December 31, 2011 (loss of R$6,763 as of December
31, 2010) (see Note 26).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Real-Commercial U.S. Dollar Exchange Rate
Futures</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>It
seeks to hedge foreign-denominated liabilities against the real fluctuation. The
Company may buy or sell commercial U.S. dollar futures on the Commodities and
Futures Exchange (BM&amp;F) to mitigate the foreign exchange exposure of its US
dollar-denominated liabilities. The specifications of the Real-U.S. dollar
exchange rate futures contract, including detailed explanation on the contract&#8217;s
features and the calculation of daily adjustments, are published by the BM&amp;F
and disclosed on its website (www.bmf.com.br).In 2011, the Company did not
contract U.S. dollar futures transactions.</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif> Throughout 2010, the Company paid R$179,564 and received
R$259,490 in adjustments, thus with a gain of R$79,926.Gains and losses from
these contracts are directly related to the foreign exchange
fluctuations.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Other
derivatives</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The
subsidiary Lusosider carries out transactions with derivatives to hedge its
exposure against the euro-dollar fluctuation. As of December 31, 2011, the gross
position was US$35,352 thousand and the net position was US$144 thousand
(including the derivatives below).</FONT></P></DIV>
<DIV></DIV>
<P style="TEXT-ALIGN: right">Page 75 of 110</P>
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    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=middle width="30%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD vAlign=middle width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=middle width="21%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
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      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=middle width="35%" colSpan=5>
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      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>
    <TD vAlign=middle width="1%"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></FONT>
      <P></P></FONT>
      <P></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=middle width="11%">
      <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2011</FONT></B></P></TD></TR>
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    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="30%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Counterparties</FONT></B></P></TD>
    <TD vAlign=middle rowSpan=2 width="1%"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></FONT></B>
      <P></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Transaction<BR>maturity</FONT></B></P></TD>
    <TD vAlign=middle rowSpan=2 width="1%"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></FONT></B>
      <P></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Notional (US$<BR>thousand)</FONT></B></P></TD>
    <TD vAlign=middle rowSpan=2 width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=middle width="23%" colSpan=3>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Appreciation (R$)</FONT></B></P></TD>
    <TD vAlign=middle width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=middle width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Fair value <BR>(market)</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 0pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=middle width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Asset<BR>position </FONT></B></P></TD>
    <TD vAlign=middle width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=middle width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Liability<BR>position</FONT></B></P></TD>
    <TD vAlign=middle width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=middle width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Amount<BR>receivable</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 14.5pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=top width="30%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>BES</FONT></I></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></I></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=top width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>4/30/2012</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>20,208 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>38,017 </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(34,049)</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,968 </FONT></P></TD></TR>
  <TR style="HEIGHT: 12.5pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="30%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>BNP</FONT></I></P></TD>
    <TD vAlign=top width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></I></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1/31/2012</FONT></P></TD>
    <TD vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>15,000 </FONT></P></TD>
    <TD vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>28,219 </FONT></P></TD>
    <TD vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(25,453)</FONT></P></TD>
    <TD vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,766 </FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="30%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></I></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>35,208 </FONT></B></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>66,236 </FONT></B></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(59,502)</FONT></B></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>6,734 </FONT></B></P></TD></TR>
  <TR>
    <TD width="30%">&nbsp;</TD>
    <TD width="1%"></TD>
    <TD width="21%">&nbsp;</TD>
    <TD width="1%"></TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="1%"></TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="1%"></TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="1%"></TD>
    <TD width="11%">&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The
position of outstanding transactions was recognized in the Company&#8217;s assets and
totals R$6,734 as of December 31, 2011.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>On
September 26, 2011, the subsidiary Tecon settled its derivative transactions
used to hedge its exposure to Real-Yen fluctuation, the notional amount of which
was JPY 2,390,398 (outstanding short position of R$8,042 as of December 31,
2010).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Gains
or losses on these transactions as of December 31, 2011 are consolidated into
the Company&#8217;s finance income (costs) as a gain totaling R$16,501 (loss of
R$8,388 in 2010) (see Note 26).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Sensitivity analysis of the US dollar-to-real exchange
swap</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The sensitivity analysis is based in the assumption of
maintaining, as a probable scenario, the fair values as of December 31, 2011
recognized in assets, amounting to R$37,020 and in liabilities, amounting to
R$847.The Company considered the scenarios below for the real-dollar parity
volatility.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>- Scenario 1: (25% real appreciation) R$-US$ parity of
1.4069;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>- Scenario 2: (50% real appreciation) R$-US$ parity of
0.9379;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>- Scenario 3: (25% real depreciation) R$-US$ parity of
2.3448;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>- Scenario 4: (50% real depreciation) R$-US$ parity of
2.8137.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 0px" border=0 cellSpacing=0 cellPadding=0>

  <TR style="HEIGHT: 12.35pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="40%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="49%" colSpan=9>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2011</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 0pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="40%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Risk</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Reference value (US$ thousand)</FONT></B></P></TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Scenario 1</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Scenario 2</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Scenario 3</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Scenario 4</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 6.5pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="40%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 12.35pt">
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="40%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1.8758</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1.4069 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>0.9379 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2.3448 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2.8137 </FONT></P></TD></TR>
  <TR style="HEIGHT: 6.5pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="40%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 12.35pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="40%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Net currency swap</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>US dollar fluctuation</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>267,856 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(125,611)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(251,222)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>125,611 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>251,222 </FONT></P></TD></TR>
  <TR style="HEIGHT: 12.35pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="40%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 12.35pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="40%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Exchange position functional currency
      BRL</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>US dollar fluctuation</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>891,086 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(417,875)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(835,749)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>417,875 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>835,749 </FONT></P></TD></TR>
  <TR style="HEIGHT: 12.35pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="40%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(not incluing exchange derivatives
    above)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 10.1pt">
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.1pt; PADDING-TOP: 0cm" vAlign=top width="40%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.1pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.1pt; PADDING-TOP: 0cm" vAlign=top width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.1pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.1pt; PADDING-TOP: 0cm" vAlign=top width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.1pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.1pt; PADDING-TOP: 0cm" vAlign=top width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.1pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.1pt; PADDING-TOP: 0cm" vAlign=top width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.1pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.1pt; PADDING-TOP: 0cm" vAlign=top width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 12.35pt">
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="40%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Consolidated exchange position</FONT></B></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>US dollar fluctuation</FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,158,942 </FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(543,486)</FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,086,971)</FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>543,486 </FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,086,971 </FONT></P></TD></TR>
  <TR style="HEIGHT: 12.35pt">
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="40%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(including exchange derivatives above)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Sensitivity analysis of the euro-to-dollar exchange
swap</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The sensitivity analysis is based on the assumption of
maintaining, as a probable scenario, the fair values as of December 31, 2011
recognized in assets, amounting to R $13,250.The Company considered the
scenarios below for the real-euro parity volatility.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>- Scenario 1: (25% real appreciation) R$-euro parity of
1.8257;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>- Scenario 2: (50% real appreciation) R$-euro parity of
1.2171;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>- Scenario 3: (25% real depreciation) R$-euro parity of
3.0428;</FONT></P></DIV>
<DIV></DIV>
<P style="TEXT-ALIGN: right">Page 76 of 110</P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_78></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader78"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>- Scenario 4: (50% real depreciation) R$-euro parity of
3.6513.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 0px" border=0 cellSpacing=0 cellPadding=0>

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    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="40%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2011</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 0pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="40%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Risk</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Reference value (EUR thousand)</FONT></B></P></TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom width="1%">&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Scenario 1</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Scenario 2</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Scenario 3</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Scenario 4</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 6.5pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="40%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 12.35pt">
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="40%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>2.4342</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1.8257</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1.2171</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>3.0428</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>3.6513</FONT></P></TD></TR>
  <TR style="HEIGHT: 6.5pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="40%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 12.35pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="40%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Net currency swap</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>euro fluctuation</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(90,000)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>54,770 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>109,539 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(54,770)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(109,539)</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.35pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="40%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 12.35pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="40%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Exchange position functional currency
      BRL</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>euro fluctuation</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,496 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(3,954)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(7,907)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,954 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>7,907 </FONT></P></TD></TR>
  <TR style="HEIGHT: 12.35pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="40%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(not incluing exchange derivatives
    above)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 12.35pt">
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="40%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 12.35pt">
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="40%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Consolidated exchange position</FONT></B></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>euro fluctuation</FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(83,504)</FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>50,816 </FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>101,632 </FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(50,816)</FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(101,632)</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.35pt">
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="40%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(including exchange derivatives above)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 0.25in"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Sensitivity analysis of exchange exposure to
australian dollar</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The sensitivity analysis is based on the assumption of
maintaining, as a probable scenario, the fair values as of December 31, 2011.The
Company considered the scenarios below for the real-australian dollar parity
volatility.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>- Scenario 1: (25% real appreciation) R$-A$ of
1.4337;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>- Scenario 2: (50% real appreciation) R$-A$ of
0.9558;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>- Scenario 3: (25% real depreciation) R$-A$ parity of
2.3895;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>- Scenario 4: (50% real depreciation) R$-A$ parity of
2.8674.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>

  <TR style="HEIGHT: 12.35pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="35%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2011</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 0pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="35%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Risk</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Reference value (A$ thousand)</FONT></B></P></TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom width="1%">&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Scenario 1</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Scenario 2</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Scenario 3</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Scenario 4</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 6.5pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="35%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 12.35pt">
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="35%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1.9116</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1.4337</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>0.9558</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>2.3895</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>2.8674</FONT></P></TD></TR>
  <TR style="HEIGHT: 6.5pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="35%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 12.35pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="35%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Exchange position functional currency
      BRL</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="14%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Australian dollar fluctuation</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>302,553 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(144,590)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(289,180)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>144,590 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>289,180 </FONT></P></TD></TR>
  <TR>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Sensitivity analysis of exchange dollar-to-euro
swap</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The sensitivity analysis is based on the assumption of
maintaining, as a probable scenario, the fair values as of December 31, 2011
recognized in assets, amounting to R $6,734.The Company considered the following
scenarios for the real-euro parity volatility.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>- Scenario 1: (25% real appreciation) euro-dollar parity
of 0.9856;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>- Scenario 2: (50% real appreciation) euro-dollar parity
of 0.6571;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>- Scenario 3: (25% real depreciation) euro-dollar parity
of 1.6426;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>- Scenario 4: (50% real depreciation) euro-dollar parity
of 1.9712.</FONT></P></DIV>
<DIV></DIV>
<P style="TEXT-ALIGN: right">Page 77 of 110</P>
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    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="40%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2011</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 0pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="40%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Risk</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Reference value (US$ thousand)</FONT></B></P></TD>
    <TD style="BORDER-TOP: #000000 1px solid" vAlign=bottom width="1%">&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Scenario 1</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Scenario 2</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Scenario 3</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Scenario 4</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 6.5pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="40%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 12.35pt">
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="40%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1.3141</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>0.9856</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>0.6571</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1.6426</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1.9712</FONT></P></TD></TR>
  <TR style="HEIGHT: 6.5pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="40%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 12.35pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="40%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Net currency swap</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>US dollar fluctuation</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>35,208 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(11,567)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(23,133)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>11,567 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>23,133 </FONT></P></TD></TR>
  <TR style="HEIGHT: 12.35pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="40%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 12.35pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="40%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Exchange position functional currency
      EURO</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>US dollar fluctuation</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(35,352)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>11,614 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>23,228 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(11,614)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(23,228)</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.35pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="40%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(not incluing exchange derivatives
    above)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 12.35pt">
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="40%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 12.35pt">
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="40%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Consolidated exchange position</FONT></B></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>US dollar fluctuation</FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(144)</FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>47 </FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>95 </FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(47)</FONT></P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(95)</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.35pt">
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="40%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(including exchange derivatives above)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="9%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0cm 0cm 10pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Interest rate risk</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Short- and long-term liabilities to indexed to floating
</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>interest rate and inflation indices</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>. Due to this exposure, the Company undertakes derivative
transactions to better manage these risks.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Interest rate swap transactions (LIBOR to
CDI)</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The
objective of these transactions is to hedge transactions indexed to US dollar
LIBOR against fluctuations in Brazilian interest rates. Basically, the Company
carried out swaps of its obligations indexed to the LIBOR, in which it receives
interest of 1.25% p.a. on the notional value of the dollar (long position) and
pays 96% of the CDI on the notional amount in reais at the contract date (short
position).The notional amount of this swap as of December 31, 2011 is US$107,500
thousand, hedging an export prepayment transaction in the same amount. The gains
and losses on these contracts are directly related to fluctuations in exchange
rates (US$) and interest rates (LIBOR and CDI).In general, these are
transactions conducted in the Brazilian over-the-counter market that have as a
counterparty a prime financial institution.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>As of
December 31, 2011, the position of these contracts is as follows:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 0.25in"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>a)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Outstanding transactions</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>

  <TR style="HEIGHT: 7.7pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=middle width="30%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=middle width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=middle width="21%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=middle width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=middle width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=middle width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=middle width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=middle width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=middle width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=middle width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=middle width="11%">
      <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2011</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 0pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=middle width="30%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=middle width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=middle width="21%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=middle width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=middle width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Notional (US$<BR>thousand)</FONT></B></P></TD>
    <TD vAlign=middle width="1%">&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=middle width="23%" colSpan=3>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Appreciation (R$)</FONT></B></P></TD>
    <TD vAlign=middle width="1%">&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=middle width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Fair value<BR>(market) (R$)</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 15.25pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 15.25pt; PADDING-TOP: 0cm" vAlign=middle width="30%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Counterparties</FONT></B></P></TD>
    <TD vAlign=middle width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 15.25pt; PADDING-TOP: 0cm" vAlign=middle width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Transaction maturity</FONT></B></P></TD>
    <TD vAlign=middle width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 15.25pt; PADDING-TOP: 0cm" vAlign=middle width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2011</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 15.25pt; PADDING-TOP: 0cm" vAlign=middle width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 15.25pt; PADDING-TOP: 0cm" vAlign=middle width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Long<BR>position</FONT></B></P></TD>
    <TD vAlign=middle width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 15.25pt; PADDING-TOP: 0cm" vAlign=middle width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Short<BR>position</FONT></B></P></TD>
    <TD vAlign=middle width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 15.25pt; PADDING-TOP: 0cm" vAlign=middle width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Amount<BR>payable</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 7.7pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>CSFB</FONT></I></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></I>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2/13/2012</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></I>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>107,500 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>182,432 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(184,556)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(2,124)</FONT></P></TD></TR>
  <TR style="HEIGHT: 7.7pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=top width="30%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></I>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=top width="21%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 7.7pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=top width="30%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></I>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></I>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=top width="21%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></I>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></I>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 7.7pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=top width="30%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=top width="21%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=top width="11%">
      <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2010</FONT></B></P></TD></TR>
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      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 22.8pt; PADDING-TOP: 0cm" vAlign=middle width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 22.8pt; PADDING-TOP: 0cm" vAlign=middle width="21%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 22.8pt; PADDING-TOP: 0cm" vAlign=middle width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 22.8pt; PADDING-TOP: 0cm" vAlign=middle width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Notional (US$<BR>thousand)</FONT></B></P></TD>
    <TD vAlign=middle width="1%">&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 22.8pt; PADDING-TOP: 0cm" vAlign=middle width="23%" colSpan=3>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Appreciation (R$)</FONT></B></P></TD>
    <TD vAlign=middle width="1%">&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 22.8pt; PADDING-TOP: 0cm" vAlign=middle width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Fair value<BR>(market) (R$)</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 15.25pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 15.25pt; PADDING-TOP: 0cm" vAlign=middle width="30%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Counterparties</FONT></B></P></TD>
    <TD vAlign=middle width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 15.25pt; PADDING-TOP: 0cm" vAlign=middle width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Transaction maturity</FONT></B></P></TD>
    <TD vAlign=middle width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 15.25pt; PADDING-TOP: 0cm" vAlign=middle width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2010</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 15.25pt; PADDING-TOP: 0cm" vAlign=middle width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 15.25pt; PADDING-TOP: 0cm" vAlign=middle width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Long position</FONT></B></P></TD>
    <TD vAlign=middle width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 15.25pt; PADDING-TOP: 0cm" vAlign=middle width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Short position</FONT></B></P></TD>
    <TD vAlign=middle width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 15.25pt; PADDING-TOP: 0cm" vAlign=middle width="11%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Amount payable</FONT></B></P></TD></TR>
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    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>CSFB</FONT></I></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></I>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="21%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2/12/2011</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></I>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>150,000 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>254,575 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(257,584)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(3,009)</FONT></P></TD></TR>
  <TR>
    <TD width="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
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    <TD width="11%">&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 0.25in"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>b)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Settled transactions</FONT></B></P></DIV>
<DIV></DIV>
<P style="TEXT-ALIGN: right">Page 78 of 110</P>
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      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=top width="26%" colSpan=5 align=center>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Appreciation 2011</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=top width="26%" colSpan=5 align=center>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Appreciation 2010</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 22.8pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 22.8pt; PADDING-TOP: 0cm" vAlign=middle width="10%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Counterparties</FONT></B></P></TD>
    <TD vAlign=middle width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 22.8pt; PADDING-TOP: 0cm" vAlign=middle width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Maturity</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 22.8pt; PADDING-TOP: 0cm" vAlign=middle width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 22.8pt; PADDING-TOP: 0cm" vAlign=middle width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Notional (US$ thousand)</FONT></B></P></TD>
    <TD vAlign=middle width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 22.8pt; PADDING-TOP: 0cm" vAlign=middle width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Long position (R$)</FONT></B></P></TD>
    <TD vAlign=middle width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 22.8pt; PADDING-TOP: 0cm" vAlign=middle width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Short position (R$)</FONT></B></P></TD>
    <TD vAlign=middle width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 22.8pt; PADDING-TOP: 0cm" vAlign=middle width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Paid in 2011</FONT></B></P></TD>
    <TD vAlign=middle width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 22.8pt; PADDING-TOP: 0cm" vAlign=middle width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Notional (US$ thousand)</FONT></B></P></TD>
    <TD vAlign=middle width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 22.8pt; PADDING-TOP: 0cm" vAlign=middle width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Long position (R$)</FONT></B></P></TD>
    <TD vAlign=middle width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 22.8pt; PADDING-TOP: 0cm" vAlign=middle width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Short position (R$)</FONT></B></P></TD>
    <TD vAlign=middle width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 22.8pt; PADDING-TOP: 0cm" vAlign=middle width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Fair value in 2010</FONT></B></P></TD>
    <TD vAlign=middle width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 22.8pt; PADDING-TOP: 0cm" vAlign=middle width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Impact on P&amp;L in 2011</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 7.7pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>CSFB</FONT></I></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></I>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2/14/2011</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></I>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>150,000 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></I>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>255,238 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(260,757)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></I>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(5,519)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></I>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>150,000 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>254,575 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(257,584)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(3,009)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(2,510)</FONT></P></TD></TR>
  <TR style="HEIGHT: 7.7pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>CSFB</FONT></I></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></I>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>5/12/2011</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></I>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>150,000 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></I>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>255,151 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(260,582)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></I>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(5,431)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></I>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(5,431)</FONT></P></TD></TR>
  <TR style="HEIGHT: 7.7pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>CSFB</FONT></I></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></I>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>8/12/2011</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></I>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>129,000 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></I>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>219,172 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(224,641)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></I>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(5,469)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></I>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(5,469)</FONT></P></TD></TR>
  <TR style="HEIGHT: 7.7pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>CSFB</FONT></I></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></I>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>11/14/2011</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></I>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>129,000 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></I>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>219,547 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(224,607)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></I>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(5,060)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></I>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(5,060)</FONT></P></TD></TR>
  <TR style="HEIGHT: 8.15pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>558,000 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>949,108 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(970,587)</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(21,479)</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>150,000 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>254,575 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(257,584)</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(3,009)</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(18,470)</FONT></B></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The
position of outstanding transactions was recognized in the Company&#8217;s liabilities
and totals R$2,124 in 2011 (R$3,009 in liabilities as of December 31, 2010) and
its effects were recognized in the Company&#8217;s finance income (costs) as loss
totaling R$20,594 (loss of R$18,864 in 2010).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Sensitivity analysis of interest rate swaps (LIBOR to
CDI)</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The sensitivity analysis is based on the assumption of
maintaining, as a probable scenario, the fair values as of December 31, 2011
recognized in liabilities, amounting to R$2,124.The Company considered the
following scenarios for the LIBOR (US$) and CDI interest rates
volatility.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>

  <TR style="HEIGHT: 8.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=middle width="40%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=middle width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=middle width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=middle width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=middle width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=middle width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=middle width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=middle width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=middle width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=middle width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=middle width="8%">
      <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2011</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 15.25pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 15.25pt; PADDING-TOP: 0cm" vAlign=middle width="40%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 15.25pt; PADDING-TOP: 0cm" vAlign=middle width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Notional (US$ thousand)</FONT></B></P></TD>
    <TD vAlign=middle width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 15.25pt; PADDING-TOP: 0cm" vAlign=middle width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Risk</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 15.25pt; PADDING-TOP: 0cm" vAlign=middle width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 15.25pt; PADDING-TOP: 0cm" vAlign=middle width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>25%</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 15.25pt; PADDING-TOP: 0cm" vAlign=middle width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 15.25pt; PADDING-TOP: 0cm" vAlign=middle width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>50%</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 15.25pt; PADDING-TOP: 0cm" vAlign=middle width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>25%</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 15.25pt; PADDING-TOP: 0cm" vAlign=middle width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 15.25pt; PADDING-TOP: 0cm" vAlign=middle width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>50%</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 8.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=middle width="40%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>LIBOR-to-CDI interest rate swap</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=middle width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>107,500 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=middle width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=middle width="8%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(Libor) US$</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=middle width="2%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=middle width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(25,586)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=middle width="2%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=middle width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(30,176)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=middle width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>25,586 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=middle width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=middle width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>30,176 </FONT></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0cm 0cm 10pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Sensitivity analysis of changes in interest
rates</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The Company considers the effects of a 5% increase or
decrease in interest rates on its outstanding borrowings, financing and
debentures as of December 31, 2011 in the consolidated financial
statements.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>

  <TR style="HEIGHT: 8.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=bottom width="63%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=bottom width="36%" colSpan=5 align=center>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=Calibri,sans-serif>Impact on profit or loss</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 8.65pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=bottom width="63%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Changes in interest rates</FONT></B></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>% p.a.</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2011</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2010</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 8.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=bottom width="63%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>TJLP</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>6.00 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,372 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>6,465 </FONT></P></TD></TR>
  <TR style="HEIGHT: 8.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=bottom width="63%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Libor</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>0.81 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>7,941 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>7,102 </FONT></P></TD></TR>
  <TR style="HEIGHT: 8.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=bottom width="63%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>CDI</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>10.87 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>72,607 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>42,103 </FONT></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0cm 0cm 10pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Share
market price risks</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company is exposed to the risk of changes in equity
prices due to the investments made and classified as available-for-sale. Equity
investments refer to blue chips traded on BOVESPA.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The following table summarizes the impact of the changes
in prices of financial instruments classified as available-for-sale on profit or
loss for the year and equity, in other comprehensive income:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>

  <TR style="HEIGHT: 10.9pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="29%" colSpan=3>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="29%" colSpan=3 align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Consolidated</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 12.5pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="29%" colSpan=3>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Profit (loss) for the year</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="29%" colSpan=3>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Other comprehensive income</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 12.5pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2011</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2010</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2011</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2010</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 0pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=bottom width="40%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Net change in the fair value of financial
      instruments classified as available for sale</FONT></P></TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(621,312)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>515,573 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(767,015)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=bottom width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>552,461 </FONT></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>On April 20, 2011, the Company sold 100% of its equity
interest held in Riversdale&#8217;s share capital, corresponding to 47,291,891 shares
at the price of A$16.50 per share, totaling a gain of
R$698,164.</FONT></P></DIV>
<DIV></DIV>
<P style="TEXT-ALIGN: right">Page 79 of 110</P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
&nbsp; <A name="page_81"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<a name="_bclHeader81"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The Company considers as probable scenario the amounts recognized at market prices as of December 31, 2011. Sensitivity analysis is based on the assumption of maintaining as probable scenario the market values as of December 31, 2011. Therefore, there is no impact on the financial instruments classified as available for sale already presented above. The Company considered the following scenarios for volatility of the shares.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>- Scenario 1: (25% appreciation of shares);</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>- Scenario 2: (50% appreciation of shares);</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>- Scenario 3: (25% devaluation of shares);</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>- Scenario 4: (50% devaluation of shares); </FONT></P>

<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 13.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=bottom width="59%" colSpan=9 align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Impact on profit and equity</FONT></B></P></TD></TR>

<TR style="HEIGHT: 13.8pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Companies</FONT></B></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Probable</FONT></B></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>25%</FONT></B></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>50%</FONT></B></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>25%</FONT></B></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>50%</FONT></B></P></TD></TR>

<TR style="HEIGHT: 13.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Usiminas</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(767,924)</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>509,296 </FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,018,593 </FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(509,296)</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,018,593)</FONT></P></TD></TR>

<TR style="HEIGHT: 13.8pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Panatl&#226;ntica</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>909 </FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,663 </FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>5,326 </FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(2,663)</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(5,326)</FONT></P></TD></TR>

<TR style="HEIGHT: 14.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(767,015)</FONT></B></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>511,959 </FONT></B></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,023,919 </FONT></B></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(511,959)</FONT></B></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,023,919)</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Credit risks</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The exposure to credit risks of financial institutions is in line with the parameters established in the financial policy.The Company adopts the practice of analyzing in detail the financial position of its customers and suppliers, establishing a credit limit and conducting ongoing monitoring of the outstanding balance.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>As regards short-term investments, the Company only makes investments in institutions with low credit risk as rated by credit rating agencies. As part of the funds is invested in repo (repurchase agreements) backed by Brazilian government bonds, there is also exposure to Brazil&#8217;s sovereign risk.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Capital management</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company manages its capital structure to ensure that it will be capable of providing return to its shareholders and benefits to other stakeholders, and maintain an optimal capital structure to reduce this cost.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>V &#8211; Margin deposits</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company holds margin deposits totaling R$407,467 (R$254,485 as of December 31, 2010); this amount is invested at Deutsche Bank as guarantee of the derivative financial instrument contracts, specifically swaps between CSN Islands VIII and CSN.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=Arial>16</FONT>.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>OTHER PAYABLES</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The group of other payables classified in current and non-current liabilities is comprised as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 9.85pt">

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="17%" colSpan=3 align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Current</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width="1%" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></FONT>

   <P></P></FONT>

   <P>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="17%" colSpan=3 align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Current</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" vAlign=top width="1%" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></FONT>

   <P></P></FONT>

   <P></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="17%" colSpan=3>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Non-current </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width="1%"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></FONT>

   <P>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width="17%" colSpan=3>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Non-current </FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="17%" colSpan=3 align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Consolidated</FONT></B></P></TD>

   <TD vAlign=top width="1%" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></FONT></B>

   <P></P></FONT></B>

   <P></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width="17%" colSpan=3 align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Company</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" vAlign=top width="1%" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></FONT></B>

   <P></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="17%" colSpan=3 align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Consolidated</FONT></B></P></TD>

   <TD vAlign=top width="1%" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></FONT></B>

   <P></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="17%" colSpan=3 align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Company</FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2011</FONT></B></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2010</FONT></B></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2011</FONT></B></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2010</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2011</FONT></B></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2010</FONT></B></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2011</FONT></B></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2010</FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Amounts due to related parties (*)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>178,635 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>148,364 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>458,878 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>372,185 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,094,453 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,028,924 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>7,821,914 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>8,141,037 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Unrealized losses on derivatives (Note 15 I)</FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,971 </FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>116,407 </FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,124 </FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,010 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>373,430 </FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>254,494 </FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Dividends and interest on capital payable</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>928,924 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>631,344 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>927,881 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>630,051 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Advances from customers</FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>23,868 </FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>35,361 </FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>17,862 </FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>29,003 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Taxes in installments</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>313,201 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>656,678 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>292,699 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>652,894 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,910,576 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>859,898 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,774,533 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>829,537 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Profit sharing - employees</FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>131,755 </FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>90,243 </FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>117,806 </FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>82,075 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other payables</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>149,091 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>176,555 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>55,615 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>141,773 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>215,061 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>178,350 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>122,529 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>136,996 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,728,445 </FONT></B></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,854,952 </FONT></B></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,872,865 </FONT></B></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,910,991 </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>5,593,520 </FONT></B></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4,321,666 </FONT></B></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>9,718,976 </FONT></B></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>9,107,570 </FONT></B></P></TD></TR></TABLE><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(*) The nature of transactions with related parties are described in note 4.</FONT></P></DIV>

<DIV></DIV>

<P style="TEXT-ALIGN: right">Page 80 of 110</P>

<HR align=center SIZE=2 width="100%" noShade>



&nbsp; <A name="page_82"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<a name="_bclHeader82"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=Arial>17</FONT>.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>GUARANTEES</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company is liable for guarantees for its subsidiaries and jointly controlled entities, as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 8.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="79%" colSpan=19>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Currency</FONT></B></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Maturities</FONT></B></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="13%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Borrowings</FONT></B></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="13%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Tax collections</FONT></B></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="13%" colSpan=3 align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Other</FONT></B></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="13%" colSpan=3 align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2011</FONT></B></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2010</FONT></B></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2011</FONT></B></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2010</FONT></B></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2011</FONT></B></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2010</FONT></B></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2011</FONT></B></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2010</FONT></B></P></TD></TR>

<TR style="HEIGHT: 4.7pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 4.7pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 4.7pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 4.7pt; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 4.7pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 4.7pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 4.7pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 4.7pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 4.7pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 4.7pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 4.7pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 4.7pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Transnordestina</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>R$</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Up to 5/8/2028 and undefined</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,358,657 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,145,397 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,800 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>7,686 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>5,186 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,368,143 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,150,583 </FONT></P></TD></TR>

<TR style="HEIGHT: 15.1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 15.1pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>CSN Cimentos</FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 15.1pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>R$</FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 15.1pt; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Up to 11/18/2014 and undefined</FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=top width="6%">&nbsp;</TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="6%">&nbsp;</TD>

   <TD vAlign=top width="1%"></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 15.1pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>30,213 </FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 15.1pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>32,745 </FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 15.1pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>30,097 </FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 15.1pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>26,987 </FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 15.1pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>60,310 </FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 15.1pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>59,732 </FONT></P></TD></TR>

<TR style="HEIGHT: 15.1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 15.1pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Prada </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 15.1pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>R$</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 15.1pt; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Up to 12/10/2013 and undefined</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="6%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="6%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%"></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 15.1pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>9,958 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 15.1pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>9,958 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 15.1pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,440 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 15.1pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>740 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 15.1pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>12,398 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 15.1pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>10,698 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Sepetiba Tecon</FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>R$</FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1/31/2012</FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>700 </FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,465 </FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>15,000 </FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>61,519 </FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>700 </FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>77,984 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>It&#225; Energ&#233;tica</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>R$</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>9/15/2013</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>7,326 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>9,587 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>7,326 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>9,587 </FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 15.6pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>CSN Energia</FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 15.6pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>R$</FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 15.6pt; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Up to 12/30/2012 and undefined</FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=top width="6%">&nbsp;</TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="6%">&nbsp;</TD>

   <TD vAlign=top width="1%"></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 15.6pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,392 </FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 15.6pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,029 </FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 15.6pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,336 </FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 15.6pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,336 </FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 15.6pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,728 </FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 15.6pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,365 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Congonhas Min&#233;rios</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>R$</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>5/21/2018</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,000,000 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,000,000 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>- </FONT></P></TD></TR>

<TR style="HEIGHT: 8.15pt">

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total in R$</FONT></B></P></TD>

   <TD vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,366,683 </FONT></B></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,156,449 </FONT></B></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>44,363 </FONT></B></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>58,732 </FONT></B></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>42,559 </FONT></B></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>96,768 </FONT></B></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,453,605 </FONT></B></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,311,949 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 7.1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.1pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.1pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.1pt; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.1pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.1pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.1pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.1pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.1pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.1pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.1pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 7.1pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.15pt">

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>CSN Islands VIII</FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>US$</FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/16/2013</FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>550,000 </FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>550,000 </FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>550,000 </FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>550,000 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>CSN Islands IX</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>US$</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1/15/2015</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>400,000 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>400,000 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>400,000 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>400,000 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.15pt">

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>CSN Islands XI</FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>US$</FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>9/21/2019</FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>750,000 </FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>750,000 </FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>750,000 </FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>750,000 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>CSN Islands XII</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>US$</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Perpetual</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,000,000 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,000,000 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,000,000 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,000,000 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>A&#231;os Longos</FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>US$</FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2011</FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,431 </FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,431 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>CSN Resources</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>US$</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>7/21/2020</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,000,000 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,000,000 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,000,000 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,000,000 </FONT></P></TD></TR>

<TR style="HEIGHT: 8.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total in US$</FONT></B></P></TD>

   <TD vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,700,000 </FONT></B></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,704,431 </FONT></B></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>- </FONT></B></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>- </FONT></B></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>- </FONT></B></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,700,000 </FONT></B></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,704,431 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total in R$</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>6,940,460 </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>6,172,323 </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>6,940,460 </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>6,172,323 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>10,307,143 </FONT></B></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>7,328,772 </FONT></B></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>44,363 </FONT></B></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>58,732 </FONT></B></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>42,559 </FONT></B></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>96,768 </FONT></B></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>10,394,065 </FONT></B></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.15pt; PADDING-TOP: 0cm" vAlign=top width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>7,484,272 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=Arial>18</FONT>.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>TAXES IN INSTALLMENTS</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>a)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Tax Recovery Program (REFIS)</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Federal REFIS</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>On November 26, 2009, the Company, its subsidiaries and jointly controlled entities joined the Tax Recovery Programs established by Law 11941/09 and Provisional Measure 470/2009, aimed at settling tax liabilities through a special payment system and installment plan for the settlement of tax and social security obligations. Joining the special tax programs reduced the amount of fines, interest and legal charges previously due.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Management&#8217;s decision took into consideration matters already judged by higher courts, as well as the assessment of outside legal counsel regarding the possibility of favorable outcomes in the contingencies in progress.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The tax debts enrolled under Provisional Measure 470/09 were payable in 12 installments, starting November 2009.In July 2010, the Company elected to offset income tax and social contribution carryforwards against the last four installments of the installment plan, as allowed by relevant legislation.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>In November 2009 and February 2010, the debts payable enrolled in the installment plan under Law 11,941/09, already recognized through provisions, were reviewed based on the reductions in debits set forth in special programs, according to the waiver date of administrative appeals or legal proceedings. In the first quarter of 2010, those amounts corresponded to a negative effect before income tax and social contribution of R$48,890 in Company and R$42,365 in consolidated, which were accounted for in other operating income and expenses and in finance income (costs) (see Notes 25 and 26).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>In June, 2011, the Group companies consolidated the debts enrolled in the tax program set forth by Law 11941/09, payable in 180 SELIC-adjusted installments. As a result of the consolidation, the provision increased R$19,734 in the second quarter <FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>of 2011, recognized in Company in line item &#8220;Finance income (costs)&#8221; and other expenses, before income tax and social contribution.</FONT></FONT> </P></DIV>

<DIV></DIV>

<P style="TEXT-ALIGN: right">Page 81 of 110</P>

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&nbsp; <A name="page_83"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>With respect to judicial deposits linked to REFIS proceedings, the Company obtained a favorable opinion from the National Treasury Attorney General&#8217;s Office (PGFN) and the Federal Revenue Service (RFB) on the treatment given to the excess deposit generated after application of the reductions obtained for tax payment in cash.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Accordingly, the Company filed a request for offset of the deposit surplus against taxes in installments under the Law 11941 REFIS program with the PGFN. We are awaiting a reply from the PGFN of the intended offset.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=#1f497d face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The position of REFIS debts recorded in taxes in installments in current and non-current liabilities as of December 31, 2011 was R$1,928,872 (R$1,410,062 as of December 31, 2010) in Company and R$2,094,741 (R$1,444,207 as of December 31, 2010) in consolidated.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=Arial>19</FONT>.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>PROVISIONS FOR TAX, SOCIAL SECURITY, LABOR AND CIVIL RISKS AND JUDICIAL DEPOSITS</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Claims of different nature are being challenged at the appropriate courts. Details of the accrued amounts and related judicial deposits are as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 10.9pt">

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="59%" colSpan=7 align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Consolidated</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="29%" colSpan=3 align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2011</FONT></B></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="29%" colSpan=3 align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2010</FONT></B></P></TD></TR>

<TR style="HEIGHT: 21.7pt">

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Judicial<BR>deposits</FONT></B></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Accrued<BR>liabilities</FONT></B></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Judicial<BR>deposits</FONT></B></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Accrued<BR>liabilities</FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.9pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Social security and labor</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>131,443 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>284,556 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>107,100 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>247,212 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Civil</FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>50,909 </FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>94,183 </FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>47,216 </FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>80,331 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Ambiental</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>6,906 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>500 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Tax</FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,159,881 </FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>94,317 </FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>878,309 </FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>86,342 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Judicial deposits </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>26,928 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>46,160 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,369,161 </FONT></B></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>479,962 </FONT></B></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,078,785 </FONT></B></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>414,385 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Legal obligations challenged in court:</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Tax</FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>IPI premium credit </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,227,892 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,227,892 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>CSLL credit on exports</FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>9,016 </FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>401,916 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Salary premium for education</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>36,189 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>33,121 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>36,189 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>33,121 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>CIDE </FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,895 </FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,246 </FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>54,211 </FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>27,545 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Income tax on &#8221;Plano Ver&#227;o&#8221; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>345,676 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>20,892 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>341,551 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>20,892 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Other provisions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>6,893 </FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>92,226 </FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>36,078 </FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>113,552 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>391,653 </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>158,501 </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,695,921 </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,824,918 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,760,814 </FONT></B></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>638,463 </FONT></B></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,774,706 </FONT></B></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,239,303 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 4.3pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 4.3pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 4.3pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 4.3pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 4.3pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 4.3pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 4.3pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Total current</FONT></B></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>292,178 </FONT></B></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>222,461 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Total non-current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,760,814 </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>346,285 </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,774,706 </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,016,842 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>

<DIV></DIV>

<P style="TEXT-ALIGN: right">Page 82 of 110</P>

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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<DIV align=left>

<DIV align=left>

<TABLE style="WIDTH: 0px" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 10.9pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="59%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="11%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Company</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="59%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2011</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="11%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2010</FONT></B></P></TD></TR>

<TR style="HEIGHT: 21.7pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=top width="59%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=top colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Judicial deposits</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=top colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Accrued liabilities</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=top width="13%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Judicial deposits</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Accrued liabilities</FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.9pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="59%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Social security and labor</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>105,292 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>200,401 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="11%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>78,302 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>183,141 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="59%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Civil</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>39,308 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>65,076 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="11%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>38,646 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>54,113 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="59%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Ambiental</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,906 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="11%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>500 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="59%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Tax</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,120,859 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>59,068 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="11%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>847,301 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>67,427 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="59%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Judicial deposits </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>26,663 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="11%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>43,856 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="59%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,292,122 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>331,451 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="11%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,008,105 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>305,181 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="59%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Legal obligations challenged in court:</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="11%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="59%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Tax</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="11%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="59%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>IPI premium credit </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="11%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,227,892 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,227,892 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="59%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>CSLL credit on exports</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>9,016 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="11%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>401,916 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="59%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Salary premium for education</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>36,189 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>33,121 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="11%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>36,189 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>33,121 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="59%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>CIDE </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,895 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,246 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="11%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>54,211 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>27,545 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="59%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Income tax on &#8221;Plano Ver&#227;o&#8221; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>345,676 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>20,892 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="11%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>341,551 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>20,892 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="59%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other provisions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,893 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>92,226 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="11%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>36,078 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>113,552 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="59%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>391,653 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>158,501 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="11%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,695,921 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,824,918 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="59%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,683,775 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>489,952 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="11%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,704,026 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,130,099 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 4.3pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.3pt; PADDING-TOP: 0cm" vAlign=top width="59%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.3pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.3pt; PADDING-TOP: 0cm" vAlign=top colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.3pt; PADDING-TOP: 0cm" vAlign=top>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.3pt; PADDING-TOP: 0cm" vAlign=top colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.3pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.3pt; PADDING-TOP: 0cm" vAlign=top width="11%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.3pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.3pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="59%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>225,997 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="11%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>200,288 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="59%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total non-current</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,683,775 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>262,432 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="11%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,704,026 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,929,811 </FONT></B></P></TD></TR>

<TR>

   <TD width="59%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD>&nbsp;</TD>

   <TD>&nbsp;</TD>

   <TD>&nbsp;</TD>

   <TD>&nbsp;</TD>

   <TD>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD>&nbsp;</TD>

   <TD>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD></TR></TABLE></DIV>

<P></P>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The changes in the provisions for contingencies in the year ended December 31, 2011 were as follows:</FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 10.9pt">

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="100%" colSpan=17 align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Consolidated</FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.9pt">

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="78%" colSpan=13 align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Current + Non-current </FONT></B></P></TD>

   <TD vAlign=bottom width="1%" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></FONT>

   <P></P></FONT>

   <P></P></FONT>

   <P></P></FONT>

   <P></P></FONT>

   <P></P></FONT>

   <P></P></FONT>

   <P></P></FONT>

   <P></P></FONT>

   <P></P></FONT>

   <P></P></FONT>

   <P></P></FONT>

   <P></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="21%" colSpan=3 align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Current</FONT></B></P></TD></TR>

<TR style="HEIGHT: 0pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Nature</FONT></B></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2010</FONT></B></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Additions</FONT></B></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Inflation adjustment</FONT></B></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Transfer (*)</FONT></B></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Utilization</FONT></B></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2011</FONT></B></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2011</FONT></B></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2010</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Civil</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>80,831 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>17,188 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>24,639 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(21,569)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>101,089 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>87,343 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>57,622 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.5pt">

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Labor</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>188,188 </FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>50,383 </FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>48,019 </FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(63,570)</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>223,020 </FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>204,615 </FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>164,839 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Tax</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,911,260 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>68,915 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>24,906 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,597,659)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(154,604)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>252,818 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>220 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.5pt">

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Social security</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>59,024 </FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>28 </FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,726 </FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(242)</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>61,536 </FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,239,303 </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>136,514 </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100,290 </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,597,659)</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(239,985)</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>638,463</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>292,178 </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>222,461</FONT></B></P></TD></TR>

<TR style="HEIGHT: 6.5pt">

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 6.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 10.9pt">

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="100%" colSpan=17 align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Company</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="78%" colSpan=13 align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Current + Non-current </FONT></B></P></TD>

   <TD vAlign=bottom width="1%" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></FONT>

   <P></P></FONT>

   <P></P></FONT>

   <P></P></FONT>

   <P></P></FONT>

   <P></P></FONT>

   <P></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="21%" colSpan=3 align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Current</FONT></B></P></TD></TR>

<TR style="HEIGHT: 0pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Nature</FONT></B></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2010</FONT></B></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Additions</FONT></B></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Inflation adjustment</FONT></B></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Transfer (*)</FONT></B></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Utilization</FONT></B></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2011</FONT></B></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2011</FONT></B></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2010</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Civil</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>54,613 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>14,671 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>15,430 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(12,732)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>71,982 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>65,076 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>54,113 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.5pt">

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Labor</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>146,175 </FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>40,661 </FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>30,041 </FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(55,953)</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>160,924 </FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>160,921 </FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>146,175 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Tax</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,892,345 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>41,549 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>19,385 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,597,659)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(139,574)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>216,046 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.5pt">

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Social security</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>36,966 </FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>28 </FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,726 </FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(243)</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>39,477 </FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,130,099 </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>96,909 </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>67,582 </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,597,659)</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(208,502)</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>488,429 </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>225,997 </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>200,288 </FONT></B></P></TD></TR>

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   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 3.6pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>(*) The transfers to taxes in installments were made due to the compliance with Law 11,941/09 and refer to the social contribution on exports (CSLL Exporta&#231;&#227;o), </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>COFINS Law 10833/03</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>, CIDE and State VAT (IPI) on exports premium credit.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>The provisions for civil, labor, tax, environmental and social security liabilities were estimated by management and are mainly based on the legal counsel&#8217;s assessment. Only proceedings for which the risk is classified as probable loss are accrued. Moreover, these provisions include tax liabilities resulting from contingencies filed by the Company, subject to SELIC (Central Bank&#8217;s policy rate).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>The Company and its subsidiaries are defendants in other administrative and judicial proceedings (labor, civil, tax and environmental), in the approximate amount of R$6,880,921, of which R$525,139 related to civil lawsuits, R$45,078 related to environmental and R$1,114,509 to labor and social security lawsuits. The assessments made by legal counsel define these <FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>administrative and judicial proceedings as entailing risk of possible loss and, therefore, no provision was recorded in conformity with Management&#8217;s judgment and accounting practices.</FONT></FONT> </P></DIV>

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&nbsp; <A name="page_85"></A>

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<a name="_bclHeader85"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>As for the tax lawsuits these represent R$5,196,195, and R$1,687,349 from this total refers to the assessment notice issued against the Company for an alleged nonpayment of income tax (IRPJ) and social contribution on net income (CSLL) on profits recognized in the balance sheets of its subsidiaries in Luxembourg. In view of the recent changes in administrative and judicial decisions, our outside legal counsel believes that this decision will not reach the profits recognized and not yet made available by our foreign subsidiaries, subject matter of the assessment notice, in light of the protection granted by the Brazil-Luxembourg treaty. However, because of the current undefined position of administrative and judicial courts, the possibility of an unfavorable outcome was classified as possible.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><U><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>a) Labor lawsuits</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>As of December 31, 2011, the Company and its subsidiaries is a defendant in </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>12,993 </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>labor lawsuits, for which a provision has been recorded in the amount of R$</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>223,020 </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>(R$</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>188,188 as </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>of December 31, </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>2010</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>). Most of the claims relate to subsidiary and/or joint liability, salary equalization, health hazard premiums and hazardous duty premiums, overtime pay, difference in the 40% fine for the severance pay fund (FGTS) as a result of federal government economic plans, health care plan, indemnity contingencies resulting from alleged occupational diseases or on-the-job accidents, and differences in profit sharing from 1997 to 1999 and from 2001 to 2003.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><U><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>b) Civil lawsuits</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>Among the civil lawsuits in which the Company is a defendant are claims for compensation. Generally these lawsuits result from on-the-job accidents, occupational diseases and contractual litigation related to the Company&#8217;s industrial activities and its subsidiaries. For lawsuits involving civil matters, a provision has been recognized in the amount of R$94,183 as of December 31, 2011 (R$80,331 as of December 31, 2010).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><U><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>c) Tax lawsuits</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=blue face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=wingdings>&#167;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><U><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Income tax and social contribution</FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(i) &#8220;Plano Ver&#227;o&#8221;</FONT></B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> - The Company is claiming the recognition of financial and tax effects on the calculation of income tax and social contribution, related to removal by the government of inflation measured according to the Consumer Price Index (IPC) in January and February 1989, involving a total percentage figure of 51.87% (&#8216;Summer Plan&#8221;).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In 2004 the lawsuit was terminated with a final and unappealable decision that granted the right to apply the index of 42.72% (January 1989), with the 12.15% already applied to be deducted from this index. The final decision also granted application of the index of 10.14% (February 1989).The proceeding is currently at expert discovery stage.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>As of December 31, 2011, there is an amount of R$345,676 (R$341,551 as of December 31, 2010) deposited in court, classified in a specific account of judicial deposits in long-term receivables, and a provision of R$20,892 (R$20,892 as of December 31, 2010), which represents the portion not recognized by the courts.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(ii) CSLL Export (Social Contribution on Income from Export Revenues)</FONT></B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> &#8211; In February 2004 the Company filed a lawsuit claiming that it should not be subject to payment of CSLL (social contribution) on its export revenues/profits, as well as to obtain court authorization to offset all the amounts of CSLL incorrectly paid on such export revenues/profits since the publication of Constitutional Amendment 33/2001, which provided new wording to article 149, paragraph 2 of the 1988 Federal Constitution (CF/88), by determining that &#8220;social contributions shall not be levied on export revenues&#8221;.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Since then the Company was maintaining the CSLL on export revenues/profits in a provision; however, after the STF ruling on Extraordinary Appeal (RE) 564,413 (leading case) in a vote on the non-levy of CSLL on taxpayers&#8217; exports, still not yet <FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>published, the Company decided to include this lawsuit in the installment plan established by Law 11941/09 (REFIS).The adjusted amount of the lawsuit included in the installment plan was R$365,466.</FONT></FONT>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
&nbsp; <A name=page_86></A>
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<a name="_bclHeader86"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=wingdings>&#167;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><U><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Economic Intervention Contribution (CIDE)</FONT></U></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=blue face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company was challenging the legal validity of Law
10168/00, which introduced the collection of CIDE on amounts paid, credited or
remitted to non-resident beneficiaries by way of royalties or compensation for
agreements involving supply, technical assistance, assignment and licenses for
use of trademarks and patents.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The ruling at the lower court was unfavorable and this was
upheld by the 2<SUP>nd</SUP> Region TRF (Federal regional Court).The Company
filed Appeals for Declaratory Judgment, which were dismissed, and an
extraordinary appeal was filed with the STF, admissibility of which is presently
awaiting the higher court&#8217;s decision.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In view of the unfavorable decisions and the benefits
involving reduction in fines and interest, the Company&#8217;s Board of Directors
approved including the amounts covered by the court litigation in the tax
recovery program introduced by Law 11941/2009.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>After application of the benefits of this program, the
Company maintains judicial deposits in the amount of R$6,200, of which R$2,895
involves excess deposits after application of the REFIS reductions that may be
offset converted into income. As of December 31, 2011 there is a provision
recognized in the amount of R$3,246 (R$3,246 as of December 31, 2010), including
legal charges.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=wingdings>&#167;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><U><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Salary premium for education &#8211; &#8220;Sal&#225;rio
Educa&#231;&#227;o&#8221;</FONT></U></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company has filed a lawsuit challenging the
constitutionality of the salary premium for education and for discussing the
possibility of recovering the amounts paid in the period from January 5, 1989 to
October 16, 1996. The lawsuit was unsuccessful, and the TRF upheld the decision
unfavorable to CSN, a decision that is final and unappealable</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>.&nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In view of the final and unappealable decision, CSN tried
to make payment of the amount due, though the FNDE and INSS did not reach an
agreement as to which agency should receive it. They also required that the
amount should be paid along with a fine, with which the Company did not
agree.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Lawsuits were then filed challenging the above events,
with judicial deposit of the amounts involved in the lawsuits. In the first
lawsuit, the lower court partly accepted the Company&#8217;s request, with the judge
deducting the fine, but upholding the SELIC rate, with counterarguments against
the defendant&#8217;s appeal against the SELIC rate.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The accrued amount and judicial deposit as of December 31,
2011 totals R$33,121 (R$33,121 as of December 31, 2010). </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=wingdings>&#167;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><U><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>On-the-job accident insurance - SAT</FONT></U></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company is challenging in court the increase in the
SAT rate from 1% to 3% (first lawsuit), and is also challenging the increase in
SAT for purposes of the Special Retirement Contribution, which was set at 6%,
according to legislation applicable to employees exposed to toxic material
(second lawsuit).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>As regards the first lawsuit mentioned above, the lower
court decision was unfavorable and the lawsuit is now being judged by the
2<SUP>nd</SUP> Region TRF. With respect to the second lawsuit, its decision was
unfavorable to the Company and the amount due in this lawsuit, R$33,077, was
deposited in court, in favor of the INSS (National Institute of Social
Security).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The accrued amount as of December 31, 2011 totals R$61,536
(R$59,024 as of December 31, 2010), which includes legal charges and refers
exclusively to the lawsuit related to the increase from 1% to 3% for all the
Company&#8217;s locations and its subsidiary Cia Metal&#250;rgica Prada&#8217;s locations.
</FONT></P></DIV>
<DIV></DIV>
<P style="TEXT-ALIGN: right">Page 85 of 110</P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
&nbsp; <A name="page_87"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<a name="_bclHeader87"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In view of the likelihood of loss in this court challenge, the CSN Board of Directors approved including the amount relating to this matter in the installment payment program under Law 11941/2009.Due to joining the REFIS and waiver of the lawsuit challenging the rate increase from 1% to 3%, CSN included the unassessed period in the Ordinary Installment Payment Progra<FONT style="FONT-SIZE: 9pt" face=Arial>m</FONT> <FONT style="FONT-SIZE: 9pt" face=Arial>in 60 installments</FONT>.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=wingdings>&#167;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><U><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>IPI export premium credit</FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The tax legislation allowed Brazilian companies to recognize a federal VAT (IPI) premium credit until 1983, when by executive order from the government these benefits were cancelled and it was no longer permitted to utilize these credits.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The Company challenged the constitutionality of this act and filed a lawsuit claiming the right to utilize the IPI premium credit on exports from 1992 to 2002, since only laws passed by the legislature can cancel or revoke benefits granted by past legislation.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>On August 13, 2009, the STF rendered a decision, with general repercussion, determining that the IPI premium credit was only in effect through October 1990.Accordingly, the credits accrued after 1990 were not recognized and, in view of this STF decision, the Company&#8217;s Board of Directors approved including this matter in the tax recovery program for tax debts introduced by Provisional Measure 470/09 and Law 11941/09, which entails benefits in terms of reduction of fines, interest and legal charges.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The Company maintained a provision for the amount of the credits already offset, plus late payment charges through September 30, 2009.The new amount of debt after application of the reductions prescribed in the program under Law 11941/09 was offset against the judicial deposits related to these lawsuits, resulting in excess deposits in the amount of R$516 million after application of the REFIS reductions, which can be refunded.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The debts under Provisional Measure (MP) 470/09 were paid in 12 installments as from November 2009, with the last four installments being replaced by the use of the income tax and social contribution tax loss carryforwards, in the manner provided by relevant legislation.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=wingdings>&#167;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><U><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Other</FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=blue face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company has also recognized provisions for lawsuits relating to INSS, FGTS Complementary Law 110, COFINS Law 10833/03, PIS Law 10637/02 and PIS/COFINS &#8211; Manaus Free Trade Zone, totaling R$90,703 as of December 31, 2011 (R$84,367 as of December 31, 2010), which includes legal charges.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>With respect to the COFINS Law 10833/03 debt, the Board of Directors approved inclusion of the related amounts in the tax recovery program under Law 11941/09.The Company maintained a provision for the amount of these credits already offset, plus late payment charges through September 30, 2009.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The new amount of debts after application of the reductions allowed under the program of Law 11941/09 was offset against judicial deposits related to these lawsuits, resulting in excess deposits in the amount of R$9,141 after application of the REFIS reductions, which may be refunded.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><U><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>d) Other</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=wingdings>&#167;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><U><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Competition</FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>On June 14, 2010, the Regional Federal Court of Bras&#237;lia rejected the annulment action filed by CSN against CADE (The Anti-Trust Board), which aimed at annulling its fine for the alleged infringements laid down in Articles 20 and 21, I, of Law 8884/1984.The Company filed appropriate appeals against this decision, which were dismissed, resulting in the filing of a Motion for Clarification, which is pending judgment. The collection of the R$65,292 fine is suspended by a Court decision, which stays the collection as from the date CSN issued a guarantee letter. This action is classified as risk of possible loss.</FONT></P></DIV>

<DIV></DIV>

<P style="TEXT-ALIGN: right">Page 86 of 110</P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
&nbsp; <A name=page_88></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader88"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P></DIV>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=wingdings>&#167;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><U><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Environmental</FONT></U></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>The environmental administrative/judicial
proceedings filed against the Company include mainly administrative proceedings
for alleged environmental irregularities and the regularization of environmental
permits; at the judicial level, the Company is a party to actions collecting the
fines imposed for such alleged environmental irregularities, and public civil
actions claim regularization coupled with compensation, in most cases claiming
environmental recovery. In general these proceedings arise from alleged damages
to the environment related to the Company&#8217;s industrial activities. The
environmental proceedings total R$6,906 (R$500 as of December 31,
2010).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=wingdings>&#167;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><U><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Arbitration</FONT></U></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>Refers to an arbitration proceeding filed with
the ICC for the purpose of determining possible damages due to breach of
contract, in the estimated amount of R$84,323 (US$$53.0 million).The proceeding
is at initial arguments presentation and documentary evidence stage. This
proceeding is classified as risk of possible loss.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>20.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>PROVISIONS FOR ENVIRONMENTAL LIABILITIES AND
</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>DECOMMISSIONING OF ASSETS</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>a)
Environmental liabilities</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>As of </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>December 31, 2011, </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>a provision is recognized in the amount of
R$306,079 in Company and R$312,612 in consolidated (R$271,608 and 278,106 as of
December 31, 2010, respectively) for expenditures relating to environmental
investigation and recovery services for potentially contaminated areas
surrounding establishments in the States of Rio de Janeiro, Minas Gerais and
Santa Catarina. Estimated expenditures will be reviewed periodically and the
amounts already recognized will be adjusted whenever needed. These are
management&#8217;s best estimates considering recovery studies in areas that have been
degraded and are in the process of being used for activities. These provisions
are recognized in operating expenses.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>The provisions are measured at the present
value of the expenditures required to settle the obligation, using a pretax rate
that reflects current market assessments of the time value of money and the
specific risks of the obligation. The increase in the obligation due to passage
of time is recognized as other operating expenses.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>The long-term interest rate used to discount
to present value and update the provision through December 31, 2011 is
11.00%.The liability recognized is periodically updated based on these discount
rates plus the general market price index (IGPM) for the period.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>b)
Decommissioning of Assets</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Obligations on decommissioning of assets consist of
estimated costs for decommissioning, retirement or restoration of areas upon the
termination of activities related to mining resources. The initial measurement
is recognized as a liability discounted to present value and subsequently
through increase in expenses over time. &nbsp;The asset decommissioning cost
equivalent to the initial liability is capitalized as part of the carrying
amount of the asset, being depreciated over the useful life of the asset. The
liability recognized as of December 31, 2011 is R$15,148 in Company and R$24,327
in consolidated (R$13,435 and R$17,421 as of December 31, 2010).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>21.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>EQUITY</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>i. Paid-in capital </FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Fully subscribed and paid-in capital as of December 31,
2011 is R$1,680,947 (R$1,680,947 as of December 31, 2010) represented by
1,457,970,108 (1,483,033,685 as of December 31, 2010) book-entry common shares
without par value. Each common share entitles its holder to one vote in
Shareholders&#8217; Meetings. The Extraordinary Shareholders&#180; Meeting held on March
25, 2010 approved the stock split, at the ratio of one (1) common share for each
two (2) shares.</FONT></P></DIV>
<DIV></DIV>
<P style="TEXT-ALIGN: right">Page 87 of 110</P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
&nbsp; <A name="page_89"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<a name="_bclHeader89"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>ii.Authorized capital</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company&#8217;s bylaws in effect as of December 31, 2011 determine that the capital can be raised to up to 2,400,000,000 shares by decision of the Board of Directors.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>iii.Legal reserve</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>This reserve is recognized at the rate of 5% of the profit for each period, as provided for by Article 193 of Law 6404/76.This reserve ceiling, as prescribed by prevailing legislation, has already been reached.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>iv.Treasury shares</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>As of December 31, 2011, the Company did not have any treasury shares. On August 2, 2011, the Company approved the cancelation of 25,063,577 existing treasury shares without decreasing capital.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>v. Ownership structure</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>As of </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>December 31, 2011, the Company&#8217;s ownership structure was as follows</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>:&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 12.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="29%" colSpan=5 align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2011</FONT></B></P></TD>

   <TD vAlign=top width="1%" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></FONT></B>

   <P></P></FONT></B>

   <P></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="29%" colSpan=5 align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>31/12/2010</FONT></B></P></TD></TR>

<TR style="HEIGHT: 0pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=middle width="9%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Quantity of ordinary shares</FONT></P></TD>

   <TD vAlign=middle width="1%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=middle width="9%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>% total of shares</FONT></P></TD>

   <TD vAlign=middle width="1%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=middle width="9%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>% without treasury shares</FONT></P></TD>

   <TD vAlign=middle width="1%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=middle width="9%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Quantity of ordinary shares</FONT></P></TD>

   <TD vAlign=middle width="1%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=middle width="9%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>% total of shares</FONT></P></TD>

   <TD vAlign=middle width="1%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=middle width="9%" align=center>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>% without treasury shares</FONT></P></TD></TR>

<TR style="HEIGHT: 12.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Vicunha Siderurgia S.A.</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>697,719,990</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>47.86%</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>47.86%</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>697,719,990</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>47.05%</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>47.86%</FONT></P></TD></TR>

<TR style="HEIGHT: 12.5pt">

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Rio Iaco Participa&#231;&#245;es S.A. (*)</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>58,193,503</FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3.99%</FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3.99%</FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>58,193,503</FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3.92%</FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3.99%</FONT></P></TD></TR>

<TR style="HEIGHT: 12.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Caixa Beneficente dos Empregados da CSN - CBS</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12,788,231</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>0.88%</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>0.88%</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12,788,231</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>0.86%</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>0.88%</FONT></P></TD></TR>

<TR style="HEIGHT: 12.5pt">

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>BNDESPAR</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>31,773,516</FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2.18%</FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2.18%</FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>31,773,516</FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2.14%</FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2.18%</FONT></P></TD></TR>

<TR style="HEIGHT: 12.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>NYSE - ADRs</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>373,772,695</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>25.64%</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>25.64%</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>358,913,048</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>24.20%</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>24.62%</FONT></P></TD></TR>

<TR style="HEIGHT: 12.5pt">

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>BOVESPA</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>283,722,173</FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>19.45%</FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>19.45%</FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>298,581,820</FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>20.13%</FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>20.4<FONT style="FONT-SIZE: 8pt" face=Arial>7</FONT>%</FONT></P></TD></TR>

<TR style="HEIGHT: 12.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,457,970,108 </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,457,970,108 </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>98.31%</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.5pt">

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Treasury stock</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>0.00%</FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>25,063,577</FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1.69%</FONT></P></TD>

   <TD vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Total shares</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,457,970,108 </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,483,033,685</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100.00%</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD vAlign=bottom width="40%">&nbsp;</TD>

   <TD vAlign=bottom width="1%"></TD>

   <TD vAlign=bottom width="9%">&nbsp;</TD>

   <TD vAlign=bottom width="1%"></TD>

   <TD vAlign=bottom width="9%">&nbsp;</TD>

   <TD vAlign=bottom width="1%"></TD>

   <TD vAlign=bottom width="9%">&nbsp;</TD>

   <TD vAlign=bottom width="1%"></TD>

   <TD vAlign=bottom width="9%">&nbsp;</TD>

   <TD vAlign=bottom width="1%"></TD>

   <TD vAlign=bottom width="9%">&nbsp;</TD>

   <TD vAlign=bottom width="1%"></TD>

   <TD vAlign=bottom width="9%">&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif><BR>(*) Rio Iaco Participa&#231;&#227;o S. A. is a company part of the control group.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>vi. Changes in outstanding shares</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 21.7pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="70%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Number of<BR>shares</FONT></B></P></TD>

   <TD vAlign=top width="2%">&nbsp;&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Treasury<BR>shares</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Balance at December 31,2009</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,457,970,108 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>52,389,112 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Cancelation of shares</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(27,325,535)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Balance at December 31,2010</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,457,970,108 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>25,063,577 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.5pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Cancellation of shares</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(25,063,577)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Balance at December 31,2011</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,457,970,108 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.5pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>22.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>PAYMENT TO SHAREHOLDERS</FONT></B></P></DIV>

<DIV></DIV>

<P style="TEXT-ALIGN: right">Page 88 of 110</P>

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<TR style="HEIGHT: 12.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2011</FONT></B></P></TD></TR>

<TR style="HEIGHT: 13.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Profit for the year</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 13.8pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,706,033 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Revers&#227;o reserva lucros a realizar do exerc&#237;cio anterior </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,779,357 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Basic profit used to determine dividends </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>7,485,390 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Proposed allocation: </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Statutory reserve (working capital) (*) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(5,717,390)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Investment reserve </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(568,000)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="MARGIN: 0cm 0cm 0pt 10pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Total allocation to reserves </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(6,285,390)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Proposed dividends </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,200,000)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="MARGIN: 0cm 0cm 0pt 10pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Total proposed dividends </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,200,000)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Weighted average number of shares </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,457,970 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Dividends and interest on capital per share </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>0.8231 </FONT></P></TD></TR>

<TR style="HEIGHT: 0pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Additional information: </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Mandatory minimum dividends for the year (**) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>926,508 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Dividends from previous years </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,373 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Dividends payable </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>927,881 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(*) The Annual General Meeting shall decide on the allocation of excess of the Reserve.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(**) CSN&#8217;s bylaws require the distribution of mandatory minimum dividends of 25% of the net income after the deduction of the legal reserves.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>23.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>NET SALES REVENUE</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Net sales revenue are comprised as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<DIV align=left>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="45%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="26%" colSpan=3 align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Consolidated </FONT></B></P></TD>

   <TD vAlign=bottom width="1%" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></FONT></B>

   <P></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" colSpan=3 align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Company </FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="45%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2011</FONT></B></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2010</FONT></B></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2011</FONT></B></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 10.8pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2010</FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=bottom width="45%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Gross revenue</FONT></B></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=bottom width="45%">

   <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Domestic market</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>13,366,345 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>13,201,074 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12,023,499 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>11,770,069 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=bottom width="45%">

   <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Foreign market</FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>6,417,397 </FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4,270,333 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,641,386 </FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,130,695 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=bottom width="45%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>19,783,742 </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>17,471,407 </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>13,664,885 </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12,900,764 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=bottom width="45%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Deductions </FONT></B></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=bottom width="45%">

   <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Cancelled sales and discounts granted</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(257,888)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(416,706)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(268,599)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(133,287)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=bottom width="45%">

   <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Taxes levied on sales</FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(3,006,270)</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(2,604,191)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(2,641,699)</FONT></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(2,315,507)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=bottom width="45%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(3,264,158)</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(3,020,897)</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(2,910,298)</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(2,448,794)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=bottom width="45%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Net revenue</FONT></B></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>16,519,584 </FONT></B></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>14,450,510 </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>10,754,587 </FONT></B></P></TD>

   <TD vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>10,451,970 </FONT></B></P></TD></TR></TABLE></DIV>

<P></P>

<P style="MARGIN: 0cm 0cm 10pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></DIV></DIV>

<DIV></DIV>

<P style="TEXT-ALIGN: right">Page 89 of 110</P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp; <A name="page_91"></A>

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<a name="_bclHeader91"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>24</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>EXPENSES BY NATURE</FONT></B></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 8.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=top width="29%" colSpan=3 align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Consolidated </FONT></B></P></TD>

   <TD vAlign=top width="1%" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></FONT></B>

   <P></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=top width="29%" colSpan=3 align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Company </FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2011</FONT></B></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2010</FONT></B></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2011</FONT></B></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 8.65pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2010</FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.25pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Raw Material </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.25pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.25pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(3,927,105)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.25pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(3,245,396)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.25pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(3,143,659)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.25pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,687,680)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.7pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Labor cost </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,647,545)</FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,226,087)</FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,175,479)</FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(950,301)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.7pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Consumable materials </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,084,440)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,061,012)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(856,086)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(849,406)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.7pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Maintenance cost </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(969,376)</FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(856,297)</FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(778,450)</FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(738,603)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.7pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Outsourcing services </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,981,025)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,542,638)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,103,306)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(917,382)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.7pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Depreciation, Amortization and Depletion </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(925,790)</FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(808,215)</FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(740,043)</FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(638,299)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.7pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Others (*) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(445,256)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(161,916)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(151,863)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>128,375 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.7pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(10,980,537)</FONT></B></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(8,901,561)</FONT></B></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(7,948,886)</FONT></B></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(6,653,296)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 4.55pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 4.55pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 4.55pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 4.55pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 4.55pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 4.55pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 4.55pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 9.7pt">

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Rated: </FONT></B></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 9.7pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Cost of sales and/or services </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(9,800,844)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(7,882,726)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(7,257,670)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(5,987,554)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.7pt">

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Selling expenses </FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(604,108)</FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(481,978)</FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(335,302)</FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(335,111)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.7pt">

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>General and administrative expenses </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(575,585)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(536,857)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(355,914)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(330,631)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.7pt">

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(10,980,537)</FONT></B></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(8,901,561)</FONT></B></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(7,948,886)</FONT></B></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9.7pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(6,653,296)</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(*) Included increased/reduction in finished goods and in work in process.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=Arial>25</FONT>.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>OTHER OPERATING INCOME (EXPENSES)</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<DIV align=left>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 10.3pt">

   <TD style="HEIGHT: 10.3pt" vAlign=top width="40%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.3pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; HEIGHT: 10.3pt" vAlign=top width="29%" colSpan=3 align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Consolidated </FONT></B></P></TD>

   <TD vAlign=top width="1%" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></FONT></B>

   <P></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; HEIGHT: 10.3pt" vAlign=top width="29%" colSpan=3 align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Company </FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.3pt">

   <TD style="HEIGHT: 10.3pt" vAlign=top width="40%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.3pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 10.3pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2011</FONT></B></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 10.3pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2010</FONT></B></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 10.3pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2011</FONT></B></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 10.3pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2010</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.75pt">

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 11.75pt" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other operating expenses</FONT></B></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 11.75pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 11.75pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 11.75pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 11.75pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 11.75pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.05pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.05pt" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Taxes and fees</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.05pt" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.05pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(37,499)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.05pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(81,394)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.05pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(7,881)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.05pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(68,885)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.75pt">

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 11.75pt" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Effect of REFIS - Law 11941/09 and MP 470/09</FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 11.75pt" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></I>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 11.75pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(16,119)</FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 11.75pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(8,444)</FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 11.75pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(16,119)</FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 11.75pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(42,835)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.75pt">

   <TD style="BACKGROUND-COLOR: #eaeaea; HEIGHT: 11.75pt" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Provision for contingencies and net losses on reversals</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea; HEIGHT: 11.75pt" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea; HEIGHT: 11.75pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(75,823)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea; HEIGHT: 11.75pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(182,761)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea; HEIGHT: 11.75pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(61,612)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea; HEIGHT: 11.75pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(132,965)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.75pt">

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 11.75pt" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Contractual and nondeductible fines</FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 11.75pt" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 11.75pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(45,537)</FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 11.75pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(155,445)</FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 11.75pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(54,837)</FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 11.75pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(167,865)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.75pt">

   <TD style="BACKGROUND-COLOR: #eaeaea; HEIGHT: 11.75pt" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Fixed cost of equipment stoppages</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea; HEIGHT: 11.75pt" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea; HEIGHT: 11.75pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(33,674)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea; HEIGHT: 11.75pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(21,213)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea; HEIGHT: 11.75pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(31,251)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea; HEIGHT: 11.75pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(18,101)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.75pt">

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 11.75pt" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Write-off of obsolete assets</FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 11.75pt" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 11.75pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(85,120)</FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 11.75pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(32,098)</FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 11.75pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(22,685)</FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 11.75pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(24,886)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.75pt">

   <TD style="BACKGROUND-COLOR: #eaeaea; HEIGHT: 11.75pt" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Expenses on studies and project engineering</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea; HEIGHT: 11.75pt" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea; HEIGHT: 11.75pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(42,050)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea; HEIGHT: 11.75pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(21,142)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea; HEIGHT: 11.75pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(42,021)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea; HEIGHT: 11.75pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(21,109)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.75pt">

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 11.75pt" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Pension plan (Note 29 c)</FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 11.75pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 11.75pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(67,276)</FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 11.75pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(63,110)</FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 11.75pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(63,007)</FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 11.75pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(58,952)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.75pt">

   <TD style="BACKGROUND-COLOR: #eaeaea; HEIGHT: 11.75pt" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Impairment loss adjustment</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea; HEIGHT: 11.75pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea; HEIGHT: 11.75pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(60,861)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea; HEIGHT: 11.75pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea; HEIGHT: 11.75pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea; HEIGHT: 11.75pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.75pt">

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 11.75pt" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Healthcare plan (Note 29 d)</FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 11.75pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 11.75pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(37,343)</FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 11.75pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(33,817)</FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 11.75pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(37,355)</FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 11.75pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(33,827)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.75pt">

   <TD style="BACKGROUND-COLOR: #eaeaea; HEIGHT: 11.75pt" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea; HEIGHT: 11.75pt" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #eaeaea; HEIGHT: 11.75pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(501,302)</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #eaeaea; HEIGHT: 11.75pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(599,424)</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #eaeaea; HEIGHT: 11.75pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(336,768)</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #eaeaea; HEIGHT: 11.75pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(569,425)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 4.1pt">

   <TD style="HEIGHT: 4.1pt" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4.1pt" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4.1pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="HEIGHT: 4.1pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="HEIGHT: 4.1pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="HEIGHT: 4.1pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.75pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.75pt" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other operating income</FONT></B></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.75pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.75pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.75pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.75pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.75pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.75pt">

   <TD style="HEIGHT: 11.75pt" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Effect of REFIS - Law 11941/09 and MP 470/09</FONT></P></TD>

   <TD style="HEIGHT: 11.75pt" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.75pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="HEIGHT: 11.75pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="HEIGHT: 11.75pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="HEIGHT: 11.75pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.75pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.75pt" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Sale of Riversdale shares (Note 11)</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.75pt" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.75pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>698,198 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.75pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.75pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.75pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.75pt">

   <TD style="HEIGHT: 11.75pt" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Gain on acquisition of "precat&#243;rios"</FONT></P></TD>

   <TD style="HEIGHT: 11.75pt" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.75pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="HEIGHT: 11.75pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>15,595 </FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="HEIGHT: 11.75pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="HEIGHT: 11.75pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>15,595 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.75pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.75pt" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>PIS/COFINS/ICMS untimely credits</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.75pt" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.75pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.75pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>32,739 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.75pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.75pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>32,739 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.75pt">

   <TD style="HEIGHT: 11.75pt" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Sale of securities</FONT></P></TD>

   <TD style="HEIGHT: 11.75pt" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.75pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="HEIGHT: 11.75pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="HEIGHT: 11.75pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>116,336 </FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="HEIGHT: 11.75pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.75pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.75pt" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Dividends received from third parties</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.75pt" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.75pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>14,199 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.75pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.75pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,790 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.75pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.75pt">

   <TD style="HEIGHT: 11.75pt" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Other income </FONT></P></TD>

   <TD style="HEIGHT: 11.75pt" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; HEIGHT: 11.75pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>6,780 </FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; HEIGHT: 11.75pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>487 </FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; HEIGHT: 11.75pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>13,894 </FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; HEIGHT: 11.75pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>28,961 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.75pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.75pt" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 11.75pt" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND: #eaeaea; HEIGHT: 11.75pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>719,177 </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND: #eaeaea; HEIGHT: 11.75pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>48,821 </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND: #eaeaea; HEIGHT: 11.75pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>133,020 </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND: #eaeaea; HEIGHT: 11.75pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>77,295 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.75pt">

   <TD style="HEIGHT: 11.75pt" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other operating (expenses) income</FONT></B></P></TD>

   <TD style="HEIGHT: 11.75pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; HEIGHT: 11.75pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>217,875 </FONT></B></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; HEIGHT: 11.75pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(550,603)</FONT></B></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; HEIGHT: 11.75pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(203,748)</FONT></B></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; HEIGHT: 11.75pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(492,130)</FONT></B></P></TD></TR></TABLE></DIV>

<P></P></DIV></DIV>

<DIV></DIV>

<P style="TEXT-ALIGN: right">Page 90 of 110</P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp; <A name="page_92"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<a name="_bclHeader92"></a><DIV>

<P style="MARGIN: 0cm 0cm 10pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=Arial>26</FONT>.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>FINANCE INCOME (<FONT style="FONT-SIZE: 9pt" face=Arial>COSTS</FONT>)</FONT></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 10.45pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="29%" colSpan=3 align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Consolidated</FONT></B></P></TD>

   <TD vAlign=top width="1%" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></FONT></B>

   <P></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="29%" colSpan=3 align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Company </FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2011</FONT></B></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2010</FONT></B></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2011</FONT></B></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.95pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2010</FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.45pt">

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Finance costs:</FONT></B></P></TD>

   <TD vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.45pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Borrowings and financing - foreign currency</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(639,197)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(641,632)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(91,840)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(105,541)</FONT></P></TD></TR>

<TR style="HEIGHT: 10.45pt">

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Borrowings and financing - local currency</FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,622,365)</FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(791,926)</FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,225,789)</FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(609,594)</FONT></P></TD></TR>

<TR style="HEIGHT: 10.45pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Related parties</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(389,059)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(374,929)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,403,082)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,396,861)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Capitalized interest</FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>353,156 </FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>215,624 </FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>248,012 </FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>179,626 </FONT></P></TD></TR>

<TR style="HEIGHT: 10.45pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>PIS/COFINS on other revenues</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,230)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,079)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,230)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,044)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Losses on derivatives (*)</FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(20,594)</FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(27,252)</FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(20,594)</FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(18,864)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Net effect of REFIS - Law 11941/09 and MP 470/09</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(77,335)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(33,921)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(77,335)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(6,055)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Interest, fines and late payment charges</FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(264,359)</FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(283,768)</FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(255,831)</FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(244,571)</FONT></P></TD></TR>

<TR style="HEIGHT: 10.45pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other finance costs</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(222,938)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(261,570)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(166,729)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(230,549)</FONT></P></TD></TR>

<TR style="HEIGHT: 10.45pt">

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(2,883,921)</FONT></B></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(2,200,453)</FONT></B></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(2,994,418)</FONT></B></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(2,433,453)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.45pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Finance income:</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.45pt">

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Related parties</FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>29,300 </FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>53,491 </FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>62,327 </FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>121,177 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Income from short-term investments </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>538,882 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>394,183 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>79,997 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>36,386 </FONT></P></TD></TR>

<TR style="HEIGHT: 10.45pt">

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other income</FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>149,268 </FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>195,466 </FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>113,114 </FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>76,044 </FONT></P></TD></TR>

<TR style="HEIGHT: 10.45pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>717,450 </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>643,140 </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>255,438 </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>233,607 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.45pt">

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Inflation adjustments: </FONT></B></P></TD>

   <TD vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.45pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>- Assets</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,330 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>271 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,155 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,876 </FONT></P></TD></TR>

<TR style="HEIGHT: 10.45pt">

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>- Liabilites</FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(43,781)</FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(8,714)</FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(11,413)</FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(6,003)</FONT></P></TD></TR>

<TR style="HEIGHT: 10.45pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(37,451)</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(8,443)</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(10,258)</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(4,127)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.45pt">

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Exchange gains (losses):</FONT></B></P></TD>

   <TD vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.45pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>- On assets</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,041,200 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(585,719)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>160,139 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(30,669)</FONT></P></TD></TR>

<TR style="HEIGHT: 10.45pt">

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>- On liabilities </FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(753,666)</FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>398,527 </FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(944,425)</FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>171,421 </FONT></P></TD></TR>

<TR style="HEIGHT: 10.45pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>- Exchange gains (losses) on derivatives (*)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(89,415)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(158,510)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.45pt">

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>198,119 </FONT></B></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(345,702)</FONT></B></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(784,286)</FONT></B></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>140,752 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.45pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Inflation adjustment and exchange gains (losses), net</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>160,668 </FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(354,145)</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(794,544)</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>136,625 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 6.35pt">

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 6.35pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 6.35pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 6.35pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 6.35pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 6.35pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.45pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Finance costs, net</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,005,803)</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,911,458)</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(3,533,524)</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.45pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,063,221)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.45pt">

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="70%" colSpan=5>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(*) Statement of gains and losses on derivative transactions</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.75pt">

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>CDI to USD swap</FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(115,490)</FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(231,673)</FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>EUR to USD swap</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>9,574 </FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(6,763)</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.75pt">

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Future US dollar</FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>79,926 </FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total return equity swap</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other </FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>16,501 </FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(8,388)</FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(89,415)</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(166,898)</FONT></B></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.75pt">

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Libor to CDI swap</FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(20,594)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(18,864)</FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(20,594)</FONT></P></TD>

   <TD vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(18,864)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="40%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(20,594)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(18,864)</FONT></B></P></TD>

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   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 8.75pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(20,594)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(18,864)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.75pt">

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(110,009)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(185,762)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(20,594)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(18,864)</FONT></B></P></TD></TR>

<TR>

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   <TD style="BACKGROUND-COLOR: #eaeaea" width="14%">&nbsp;</TD>

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   <TD style="BACKGROUND-COLOR: #eaeaea" width="14%">&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>27.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>SEGMENT INFORMATION</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>According to the Company&#8217;s structure, its businesses are distributed into 5 (five) operating segments. Accordingly, we analyzed our information by segment as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Steel</FONT></B></P></DIV>

<DIV></DIV>

<P style="TEXT-ALIGN: right">Page 91 of 110</P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
&nbsp; <A name=page_93></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader93"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Steel Segment consolidates all the operations related
to the production, distribution and sale of flat steel, metal containers and
galvanized steel, with operations in Brazil, the United States and Portugal.
This segment supplies the following markets: construction, steel packaging for
the Brazilian chemical and food industries, home appliances, automobile and OEM
(motors and compressors).The Company&#8217;s steel units produce hot and cold rolled
steel, galvanized and pre-painted steel of great durability. They also produce
tinplate, a raw material used to produce metal containers.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Overseas, Lusosider, which is based in Portugal, also
produces metal sheets, as well as galvanized steel. CSN LLC in the U.S.A. meets
local market needs by supplying cold rolled and galvanized steel. For 2013, it
is slated to begin production of long steel products. The initial production
slated, of 500,000 metric tons per year, will consolidate the company as a
source of complete construction solutions, complementing its portfolio of
products with high added value in the steel chain.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Mining</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>This segment encompasses the activities of iron ore and
tin mining. The high-quality iron ore operations are located in the Iron
Quadrilateral in MG, the Casa de Pedra mine in Congonhas, MG, that produces high
quality iron ore, as well as the Company&#8217;s subsidiary Nacional Min&#233;rios S.A.
(Namisa), which has its own mines, also of excellent quality, and also sells
third party iron ore. Furthermore, CSN also owns Estanho de Rond&#244;nia S.A.
(ERSA), a company that has both tin mining and casting units.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CSN holds the concession to operate TECAR, a solid bulk
terminal, one of the four terminals that comprise the Itagua&#237; Port, in Rio de
Janeiro. Coal and coke imports are carried out through this terminal.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Logistics</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>i. Railroad</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CSN has equity interests in two railroad companies: MRS
Log&#237;stica S.A., which manages the former Southeast Network of Rede Ferrovi&#225;ria
Federal S.A. (RFFSA), and Transnordestina Log&#237;stica S.A., which operates the
former Northeast Network of RFFSA in the States of Maranh&#227;o, Piau&#237;, Cear&#225;, Rio
Grande do Norte, Para&#237;ba, Pernambuco and Alagoas.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>a) MRS</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The railroad transportation services provided by MRS are
based on the supply of raw materials and the shipment of final products. The
total amount of iron ore, coal and coke consumed by the Presidente Vargas Mill
is carried by MRS, as is part of the steel produced by CSN for the domestic
market and for export.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The
Southeast Brazilian railroad system, encompassing 1,674 kilometers of tracks,
serves the tri-state industrial area of S&#227;o Paulo-Rio de Janeiro-Minas Gerais,
linking the mines located in Minas Gerais to the ports located in S&#227;o Paulo and
Rio de Janeiro, and the steel mills of CSN, Companhia Sider&#250;rgica Paulista (or
Cosipa) and Gerdau A&#231;ominas. Besides serving other customers, the railroad
system carries iron ore from the Company&#8217;s mines in Casa de Pedra, Minas Gerais,
and coke and coal from the Itagua&#237; Port, in Rio de Janeiro, to Volta Redonda,
and carries CSN&#8217;s exports to the ports of Itagua&#237; and Rio de Janeiro. Its
volumes of cargo carried account for approximately 28% of the total volume
carried by the Southeast railroad system.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>b) Transnordestina Log&#237;stica</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Together, CSN and the federal government will be making
investments for implementation of the Transnordestina Project for construction
of around 1,728 km of new lines. The work on this project, slated for conclusion
in 2013, further includes complementing and renewing part of the infrastructure
(or lines) of the concession held by Transnordestina Log&#237;stica, which will be
expanded from the nearly 2,600 kilometers of track presently operating to around
4,300 kilometers.</FONT></P></DIV>
<DIV></DIV>
<P style="TEXT-ALIGN: right">Page 92 of 110</P>
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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_94></A>
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<a name="_bclHeader94"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Transnordestina Log&#237;stica S.A. has a 30-year concession
granted in 1998 to operate the Northeastern Brazil railroad system. This railway
system covers 4,238 kilometers of railroads in the states of Maranh&#227;o, Piau&#237;,
Cear&#225;, Para&#237;ba, Pernambuco, Alagoas and Rio Grande do Norte. Moreover, it links
up the main ports in the region, thus providing an important competitive
advantage by means of opportunities for combined transportation solutions and
logistics projects tailored to customer needs.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The project underway will increase the transportation
capacity of Transnordestina Log&#237;stica 20-fold, bringing it up the level of the
most modern railroads in the entire world.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>With its new configuration, Transnordestina will become
the best logistics option for export of grains through the Pec&#233;m and Suape
ports, as well as other solid bulk cargos such as iron ore from the Northeast
Region, playing an important role in the region&#8217;s development.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>ii. Ports</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Port logistics segment consolidates the operation of
the terminal built during the post-privatization period of the ports, Sepetiba
Tecon. The Sepetiba terminal features complete infrastructure to meet all the
needs of exporters, importers and ship-owners. Its installed capacity exceeds
that of most other Brazilian terminals. It has excellent depths of 14.5 meters
in the mooring berths and a huge storage area, as well as the most modern and
appropriate equipment, systems and intermodal connections.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company&#8217;s constant investment in projects in the
terminals consolidates the Itagua&#237; Port Complex as one of the most modern in
Brazil, at present with capacity for handling 480 thousand containers and 30
million metric tons per year of bulk cargo.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 14.2pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Energy</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CSN is one of the largest industrial consumers of electric
power in Brazil. As energy is fundamental to its production process, the Company
invests in assets for generation of electric power to guarantee its
self-sufficiency. These assets are as follows: It&#225; hydroelectric power plant, in
the State of Santa Catarina, with rated capacity of 1,450 MW, where CSN has a
share of 29.5%; Igarapava hydroelectric power plant, Minas Gerais, with rated
capacity of 210 MW, in which CSN holds of 17.9% of the capital; and a
thermoelectric co-generation Central Unit with rated capacity of 238 MW, which
has been operating at the UPV since 1999.For fuel the Central Unit uses the
residual gases produced by the steel mill itself. Through these three power
generation assets, CSN obtains total rated capacity of 430 MW.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 14.2pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Cement</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The cement division consolidates the Company&#8217;s cement
production, distribution and sales operations, which use the slag produced by
the Volta Redonda plant&#8217;s blast furnaces. In 2011, the clinker used in cement
production is leased from third parties; however, at the end of 2011, with the
completion of the first stage of the Arcos Clinker plant, MG, this plant already
supplied the milling needs of CSN Cimentos in Volta Redonda.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The
information presented to Management regarding the performance of each business
segment is generally derived directly from the accounting records, combined with
some intercompany allocations.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 14.2pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Sales by geographic area</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Sales
by geographic area are determined based on the customers&#8217; location. On a
consolidated basis, domestic sales are represented by revenues from customers
located in Brazil and export sales are represented by revenues from customers
located abroad.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>
<DIV></DIV>
<P style="TEXT-ALIGN: right">Page 93 of 110</P>
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   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2011</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Steel</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="1%">

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Mining</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Logistics</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Energy</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Cement</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Corporate expenses/ elimination</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Consolidated</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Ports</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Railroad</FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Revenues and expenses</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Metric tons (thou.) - (unaudited) (*)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,895,581 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>23,849,514 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,754,596 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Revenues </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Domestic market</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>8,190,463 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>834,144 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>142,778 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,022,885 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>183,492 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>332,950 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(564,796)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>10,141,916 </FONT></P></TD></TR>

<TR style="HEIGHT: 0pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Foreign market</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,287,274 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>5,107,707 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(17,313)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,377,668 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Cost of sales and services</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(7,038,168)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,185,149)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(85,474)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(667,186)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(105,497)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(268,432)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>549,062 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(9,800,844)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Gross profit</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,439,569 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,756,702 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>57,304 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>355,699 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>77,995 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>64,518 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(33,047)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,718,740 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Selling and administrative expenses</FONT></P></TD>

   <TD vAlign=top width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(471,003)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(149,862)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(18,303)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(90,020)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(25,408)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(67,712)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(357,385)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,179,693)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Depreciation</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>606,810 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>161,655 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>5,674 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>105,454 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>22,495 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>23,222 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,058 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>929,368 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Adjusted EBITDA</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,575,376 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,768,495 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>44,675 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>371,133 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>75,082 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>20,028 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(386,374)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,468,415 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 4.1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.45pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="71%" colSpan=15 align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2011</FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.45pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top rowSpan=2 width="28%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P><BR>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top rowSpan=2 width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P><BR>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Steel</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P><BR>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Mining</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P><BR>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=middle width="17%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Logistics</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P><BR>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Energy</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P><BR>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Cement</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P><BR>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Corporate expenses/ elimination</FONT></B></P></TD>

   <TD vAlign=middle rowSpan=2 width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Consolidated</FONT></B></P></TD></TR>

<TR style="HEIGHT: 16.2pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.2pt; PADDING-TOP: 0cm" vAlign=middle width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Ports</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.2pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.2pt; PADDING-TOP: 0cm" vAlign=middle width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Railroad</FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Sales by geographical area</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Asia</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>31,255 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,250,002 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,281,257 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>North America</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>502,486 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>502,486 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Latin America</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>147,363 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>147,363 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Europe</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>560,880 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>857,705 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,418,585 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>45,290 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(17,313)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>27,977 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Foreign market</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,287,274 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>5,107,707 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(17,313)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,377,668 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Domestic market</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>8,190,463 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>834,144 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>142,778 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,022,885 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>183,492 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>332,950 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(564,796)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>10,141,916 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>TOTAL</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>9,477,737 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>5,941,851 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>142,778 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,022,885 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>183,492 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>332,950 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(582,109)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>16,519,584 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 4.1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 0pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #ffffff; PADDING-TOP: 0cm" vAlign=top width="100%" colSpan=17>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(*) The ore sales volumes presented in this note take into consideration Company sales and the interest in its subsidiaries and jointly controlled entities (Namisa 60%).</FONT></P></TD></TR>

<TR style="HEIGHT: 10.45pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="71%" colSpan=15 align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2010</FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.45pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top rowSpan=2 width="28%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P><BR>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top rowSpan=2 width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P><BR>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Steel</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P><BR>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Mining</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P><BR>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=middle width="17%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Logistics</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P><BR>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Energy</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P><BR>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Cement</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P><BR>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Corporate expenses/ elimination</FONT></B></P></TD>

   <TD vAlign=middle rowSpan=2 width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Consolidated</FONT></B></P></TD></TR>

<TR style="HEIGHT: 16.2pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.2pt; PADDING-TOP: 0cm" vAlign=middle width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Ports</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.2pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.2pt; PADDING-TOP: 0cm" vAlign=middle width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Railroad</FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Revenues and expenses</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Metric tons (thou.) - (unaudited) (*)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,795,851 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>18,554,984 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>991,789 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Revenues </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Domestic market</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>8,763,470 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>573,976 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>119,315 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>838,436 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>113,517 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>201,841 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(363,750)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>10,246,805 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Foreign market</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,162,539 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,041,166 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,203,705 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Cost of sales and services</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(6,225,820)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,252,474)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(70,046)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(521,747)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(41,579)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(163,631)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>392,571 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(7,882,726)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Gross profit</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,700,189 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,362,668 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>49,269 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>316,689 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>71,938 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>38,210 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>28,821 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,567,784 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Selling and administrative expenses</FONT></P></TD>

   <TD vAlign=top width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(443,100)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(69,068)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(16,590)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(70,644)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(25,555)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(43,119)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(350,759)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,018,835)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Depreciation</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>519,411 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>145,817 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>5,577 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>102,629 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>22,501 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>13,648 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(3,414)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>806,169 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Adjusted EBITDA</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,776,500 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,439,417 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>38,256 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>348,674 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>68,884 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>8,739 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(325,352)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,355,118 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 4.1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 10.45pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top width="71%" colSpan=15 align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2010</FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.45pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top rowSpan=2 width="28%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P><BR>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=top rowSpan=2 width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P><BR>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Steel</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P><BR>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Mining</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P><BR>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=middle width="17%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Logistics</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P><BR>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Energy</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P><BR>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Cement</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P><BR>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Corporate expenses/ elimination</FONT></B></P></TD>

   <TD vAlign=middle rowSpan=2 width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.45pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Consolidated</FONT></B></P></TD></TR>

<TR style="HEIGHT: 16.2pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.2pt; PADDING-TOP: 0cm" vAlign=middle width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Ports</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.2pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 16.2pt; PADDING-TOP: 0cm" vAlign=middle width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Railroad</FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Sales by geographical area</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Asia</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>40,752 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,513,499 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,554,251 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>North America</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>432,229 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>432,229 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Latin America</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>193,692 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>193,692 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Europe</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>454,997 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>527,667 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>982,664 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>40,869 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>40,869 </FONT></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Foreign market</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,162,539 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,041,166 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,203,705 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Domestic market</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>8,763,470 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>573,976 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>119,315 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>838,436 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>113,517 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>201,841 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(363,750)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>10,246,805 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>TOTAL</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>9,926,009 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,615,142 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>119,315 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>838,436 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>113,517 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>201,841 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(363,750)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 9.85pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>14,450,510 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 4.1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 4.1pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD width="28%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(*) The ore sales volumes presented in this note take into consideration Company sales and the interest in its subsidiaries and jointly controlled entities (Namisa 60%).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<DIV></DIV>

<P style="TEXT-ALIGN: right">Page 94 of 110</P>

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&nbsp; <A name="page_96"></A>

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<a name="_bclHeader96"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The adjusted EBITDA consists of profit for the year plus net finance income (costs), income tax and social contribution, depreciation and amortization, and other operating income (expenses), which are deducted because they mainly refer to non-recurring items of the operation.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company&#8217;s executive officers use Adjusted EBITDA as a tool to measure the recurring operating cash generation capacity, as well as a means for allowing it to make comparisons with other companies.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 12.45pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="70%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.45pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2011</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.45pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2010</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.45pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Adjusted EBITDA</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,468,415 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,355,118 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.45pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Depreciation</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(929,368)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(806,169)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.45pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other operating income (expenses) (Note 25)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>217,875 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(550,603)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.45pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Finance income (expenses) (Note 26)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,005,803)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,911,458)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.45pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Pretax income</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,751,119 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,086,888 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.45pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Income tax and social contribution (Note 9)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(83,885)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(570,697)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.45pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Profit for the year</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,667,234 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,516,191 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 14.2pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Interim financial statements</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>These financial statements have been subjected to special review procedures applied by the Company&#8217;s independent auditors, in accordance with CVM requirements for interim financial statements - Standard on Auditing Procedures (NBCTR 2410 of CPC and ISRE 2410 of IASB) 06 of the Brazilian Institute of Independent Auditors (IBRACON), and have not been audited in the context of the annual financial statements.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 10.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.95pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.95pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.95pt; PADDING-TOP: 0cm" vAlign=top width="71%" colSpan=15>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Three-month period ended</FONT></B></P></TD></TR>

<TR style="HEIGHT: 13.2pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=top width="71%" colSpan=15>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2011</FONT></B></P></TD></TR>

<TR style="HEIGHT: 13.2pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="28%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P><BR>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P><BR>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Steel</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P><BR>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Mining</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P><BR>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=middle width="17%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Logistics</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P><BR>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Energy</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P><BR>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Cement</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P><BR>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Corporate expenses/ elimination</FONT></B></P></TD>

   <TD vAlign=middle rowSpan=2 width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Consolidated</FONT></B></P></TD></TR>

<TR style="HEIGHT: 20.4pt">

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 20.4pt; PADDING-TOP: 0cm" vAlign=middle width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Ports</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 20.4pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 20.4pt; PADDING-TOP: 0cm" vAlign=middle width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Railroad</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.45pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Revenues and expenses</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></P></TD></TR>

<TR style="HEIGHT: 12.45pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Metric tons (thou.) - (unaudited) (*)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,196,232 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,807,780 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>479,889 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.45pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Revenues</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.45pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Domestic market</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,083,525 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>182,078 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>36,640 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>261,395 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>58,389 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>90,202 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(259,069)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,453,160 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.45pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Foreign market</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>277,202 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,445,512 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(9,184)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,713,530 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.45pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Cost of sales and services</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,845,802)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(677,470)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(23,915)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(178,775)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(38,640)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(79,056)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>285,234 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,558,424)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.45pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Gross profit</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>514,925 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>950,120 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>12,725 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>82,620 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>19,749 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>11,146 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>16,981 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,608,266 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.45pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="29%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Selling and administrative expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(125,222)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(97,970)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(5,622)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(27,502)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(6,599)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(18,613)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(115,299)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(396,827)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.45pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Depreciation</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>163,618 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>44,343 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,454 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>27,667 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>5,623 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>7,141 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,555 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>251,401 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.45pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Adjusted EBITDA</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>553,321 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>896,493 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>8,557 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>82,785 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>18,773 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(326)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(96,763)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,462,840 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 5.1pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 5.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 5.1pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 5.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 5.1pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 5.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 5.1pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 5.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 5.1pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 5.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 5.1pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 5.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 5.1pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 5.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 5.1pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 5.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 5.1pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.45pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 13.2pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=top width="71%" colSpan=15>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2011</FONT></B></P></TD></TR>

<TR style="HEIGHT: 13.2pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="28%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P><BR>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P><BR>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Steel</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P><BR>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Mining</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P><BR>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=middle width="17%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Logistics</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P><BR>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Energy</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P><BR>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Cement</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P><BR>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Corporate expenses/ elimination</FONT></B></P></TD>

   <TD vAlign=middle rowSpan=2 width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Consolidated</FONT></B></P></TD></TR>

<TR style="HEIGHT: 20.4pt">

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 20.4pt; PADDING-TOP: 0cm" vAlign=middle width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Ports</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 20.4pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 20.4pt; PADDING-TOP: 0cm" vAlign=middle width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Railroad</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.45pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Sales by geographical area</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.45pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Asia</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>15,622 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,112,514 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,128,136 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.45pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>North America</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>129,350 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>129,350 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.45pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Latin America</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>28,190 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>28,190 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.45pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Europe</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>91,093 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>332,999 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>424,092 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.45pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>12,946 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(9,184)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,762 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.45pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Foreign market</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>277,201 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,445,513 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(9,184)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,713,530 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.45pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Domestic market</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,083,525 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>182,078 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>36,640 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>261,395 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>58,389 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>90,202 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(259,069)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,453,160 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.45pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>TOTAL</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,360,726 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,627,591 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>36,640 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>261,395 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>58,389 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>90,202 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(268,253)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,166,690 </FONT></B></P></TD></TR>

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<P style="TEXT-ALIGN: right">Page 95 of 110</P>

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  <TR style="HEIGHT: 13.2pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=top width="28%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=top width="71%" colSpan=15>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>
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      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>Three-month period ended</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 13.2pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=top width="28%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=top width="71%" colSpan=15>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
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      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
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      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2010</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 13.2pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="28%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P><BR>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Steel</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P><BR>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Mining</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P><BR>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=middle width="17%" colSpan=3>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Logistics</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P><BR>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Energy</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P><BR>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Cement</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P><BR>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Corporate expenses/ elimination</FONT></B></P></TD>
    <TD vAlign=middle rowSpan=2 width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Consolidated</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 20.4pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 20.4pt; PADDING-TOP: 0cm" vAlign=middle width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Ports</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 20.4pt; PADDING-TOP: 0cm" vAlign=middle width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 20.4pt; PADDING-TOP: 0cm" vAlign=middle width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Railroad</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 12.45pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="28%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Revenues and expenses</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></P></TD></TR>
  <TR style="HEIGHT: 12.45pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="28%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Metric tons (thou.) - (unaudited) (*)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,044,066 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,474,153 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>310,397 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 12.45pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="28%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Revenues </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 12.45pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="28%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Domestic market</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,796,947 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>211,931 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>33,030 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>184,810 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>28,293 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>61,448 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(95,024)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,221,435 </FONT></P></TD></TR>
  <TR style="HEIGHT: 12.45pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="28%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Foreign market</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>323,756 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>899,303 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,223,059 </FONT></P></TD></TR>
  <TR style="HEIGHT: 12.45pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="28%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Cost of sales and services</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,507,340)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(342,088)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(14,156)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(155,423)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(10,526)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(50,381)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>112,498 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,967,416)</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.45pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="28%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Gross profit</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>613,363 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>769,146 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>18,874 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>29,387 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>17,767 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>11,067 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>17,474 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,477,078 </FONT></B></P></TD></TR>
  <TR style="HEIGHT: 12.45pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="28%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Selling and administrative expenses</FONT></P></TD>
    <TD vAlign=top width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(111,851)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(15,887)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(4,775)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>16,092 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(6,213)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(17,051)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(103,286)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(242,971)</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.45pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="28%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Depreciation</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>130,819 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>37,385 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(3,593)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>30,687 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>5,622 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,297 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,985 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>208,202 </FONT></P></TD></TR>
  <TR style="HEIGHT: 12.45pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="28%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Adjusted EBITDA</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>632,331 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>790,644 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>10,506 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>76,166 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>17,176 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,687)</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(82,827)</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,442,309 </FONT></B></P></TD></TR>
  <TR style="HEIGHT: 5.1pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 5.1pt; PADDING-TOP: 0cm" vAlign=top width="28%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 5.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 5.1pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 5.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 5.1pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 5.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 5.1pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 5.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 5.1pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 5.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 5.1pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 5.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 5.1pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 5.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 5.1pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 5.1pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 5.1pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 12.45pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="28%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 13.2pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=top width="28%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=top width="71%" colSpan=15>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2010</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 13.2pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="28%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P><BR>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Steel</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P><BR>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Mining</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P><BR>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=middle width="17%" colSpan=3>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Logistics</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P><BR>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Energy</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P><BR>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Cement</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P><BR>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Corporate expenses/ elimination</FONT></B></P></TD>
    <TD vAlign=middle rowSpan=2 width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=middle rowSpan=2 width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Consolidated</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 20.4pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 20.4pt; PADDING-TOP: 0cm" vAlign=middle width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Ports</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 20.4pt; PADDING-TOP: 0cm" vAlign=middle width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 20.4pt; PADDING-TOP: 0cm" vAlign=middle width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Railroad</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 12.45pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="28%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Sales by geographical area</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B></P></TD></TR>
  <TR style="HEIGHT: 12.45pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="28%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Asia</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>21,741 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>732,816 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>754,557 </FONT></P></TD></TR>
  <TR style="HEIGHT: 12.45pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="28%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>North America</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>97,461 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>97,461 </FONT></P></TD></TR>
  <TR style="HEIGHT: 12.45pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="28%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Latin America</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>51,972 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>51,972 </FONT></P></TD></TR>
  <TR style="HEIGHT: 12.45pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="28%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Europe</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>138,104 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>166,487 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>304,591 </FONT></P></TD></TR>
  <TR style="HEIGHT: 12.45pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="28%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>14,478 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>14,478 </FONT></P></TD></TR>
  <TR style="HEIGHT: 12.45pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="28%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Foreign market</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>323,756 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>899,303 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,223,059 </FONT></B></P></TD></TR>
  <TR style="HEIGHT: 12.45pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="28%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Domestic market</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,796,947 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>211,931 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>33,030 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>184,810 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>28,293 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>61,448 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(95,024)</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,221,435 </FONT></B></P></TD></TR>
  <TR style="HEIGHT: 12.45pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="28%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>TOTAL</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,120,703 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,111,234 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>33,030 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>184,810 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>28,293 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>61,448 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(95,024)</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="1%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.45pt; PADDING-TOP: 0cm" vAlign=top width="8%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,444,494 </FONT></B></P></TD></TR>
  <TR height=0>
    <TD width="28%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>28.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>EARNINGS PER SHARE (EPS)</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><U><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Basic earnings per share:</FONT></U></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Basic
earnings per share have been calculated based on the profit attributable to the
owners of CSN divided by the weighted average number of common shares
outstanding during the year (after the stock split), excluding the common shares
purchased and held as treasury shares, as follows:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>

  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="42%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Consolidated</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Company </FONT></B></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="42%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2011</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2010</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2011</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2010</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 12.35pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="42%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="28%" colSpan=3>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Common shares</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=top width="28%" colSpan=3>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Common shares</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 10.9pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="42%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Profit for the year</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="13%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="2%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="13%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 10.9pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="42%">
      <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Attributed to Company owners</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,706,033 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,516,376 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,706,033 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,516,376 </FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="42%">
      <P style="MARGIN: 0cm 0cm 0pt 10pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Attributed to non-controlling
interests</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(38,799)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(185)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="42%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Weighted average number of shares</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,457,970 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,457,970 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,457,970 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,457,970 </FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="42%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Basic and diluted EPS</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>2.54191 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1.72594 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>2.54191 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1.72594 </FONT></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>29.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>EMPLOYEE BENEFITS</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The
pension plans granted by the Company cover substantially all employees. The
plans are administered by Caixa Beneficente dos Empregados da CSN (&#8216;CBS&#8221;), which
is a private non-profit pension fund established in July 1960. The members of
CBS are employees&#8212;and former employees&#8212;of the Company and some subsidiaries that
joined the fund through an agreement, and the employees of CBS itself. The
Executive Officers of CBS is comprised of a CEO and two other executive
officers, all appointed by CSN, which is the main sponsor of CBS. The
Decision-Making Board is the higher decision-making and guideline-setting body
of CBS, presided over by the president of the pension fund and made up of 10
members, six chosen by CSN in its capacity as main sponsor of CBS and four
elected by the fund&#8217;s participants.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Until
December 1995, CBS Previd&#234;ncia administered two defined benefit plans based on
years of service, salary and Social Security benefits. On December 27, 1995 the
then Private Pension Secretariat (&#8220;SPC&#8221;) approved the implementation of a new
benefit plan, effective beginning that date, and called Mixed Supplementary
Benefit Plan (&#8216;Mixed Plan&#8221;), structured in the <FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>form
of a variable contribution plan. Employees hired after that date were only
entitled to join the new Mixed Plan. In addition, all active employees who were
participants of the old defined benefits plans had the opportunity to switch to
the new Mixed Plan.</FONT></FONT> </P>
<a name="_bclFooter97"></a><DIV>&nbsp;</DIV></DIV>
<P style="TEXT-ALIGN: right">Page 96 of 110</P>
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&nbsp;</DIV>&nbsp; <A name=page_98></A>
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<a name="_bclHeader98"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>As of
December 31, 2011 CBS had 31,482 participants (30,540 as of December 31, 2010),
of whom 16,603 were active contributors (15,433 as of December 31, 2010), 9,705
were retired employees (9,888 as of December 31, 2010), and 5,174 were related
beneficiaries (5,219 as of December 31, 2010).Out of the total participants as
at December 31, 2011, 13,726 belonged to the defined benefit plan and 17,756 to
the mixed plan.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The
plan assets of CBS are primarily invested in repurchase agreements (backed by
federal government bonds), federal securities indexed to inflation, shares,
loans and real estate. As of December 31, 2011 CBS held 12,788,231 common shares
of CSN (12,788,231 common shares as of December 31, 2010). The total plan assets
of the entity amounted to R$3.8 billion and R$3.6 billion as at December 31,
2011 and 2010, respectively. The administrators of the CBS funds seek to match
plan assets with benefit obligations payable on a long-term basis. Pension funds
in Brazil are subject to certain restrictions regarding their capacity for
investment in foreign assets and, therefore, these funds invest mainly in
Brazilian securities.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Plan
Assets are all available assets and the benefit plans&#8217; investments, not
including the amounts of debts to sponsors.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#1f497d face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>a.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Description of the pension plans</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><U><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Plan
covering 35% of average salary</FONT></U></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>This
plan began on February 1, 1966 and is a defined benefit plan aimed at paying
pensions (for length of service, special situations, disability or old age) on a
lifetime basis, equivalent to 35% of the adjusted average of the participant&#8217;s
salary for the last 12 months. The plan also guarantees sick pay to participants
on Official Social Security leaves of absence and further ensures payments of
savings fund, funeral allowance and pecuniary aid. This plan was discontinued on
October 31, 1977 when the new supplementary plan based on average salary took
effect.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><U><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Supplementary average salary plan</FONT></U></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>This plan began on November 1, 1977 and is a defined
benefit plan, aimed at complementing the difference between the adjusted average
of the participant&#8217;s salary for the last 12 months and the Official Social
Security benefit for retirement, also on a lifetime basis. As in the 35% plan,
there is coverage for the benefits of sick pay, death and pension. This plan was
discontinued on December 26, 1995 with the creation of the mixed supplementary
benefit plan.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><U><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Mixed
supplementary benefit plan</FONT></U></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>This
plan began on December 27, 1995 and is a variable contribution plan. Besides the
scheduled retirement benefit, it also covers the payment of risk benefits
(pension paid while the participant is still working, disability compensation
and sick/accident pay).Under this plan, the retirement benefit is calculated
based on the amount accumulated by the monthly contributions of the participants
and sponsors, as well as on each participant&#8217;s option for the manner in which
they receive them, which can be lifetime (with or without continuity of pension
for death) or through a percentage applied to the balance of the fund generating
the benefit (loss for indefinite period).After retirement is granted, the plan
takes on the characteristics of a defined benefit plan.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>b.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Investment policy</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><I><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></I></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The
investment policy establishes the principles and guidelines that will govern the
investments of funds entrusted to the entity, in order to foster the security,
liquidity and profitability required to ensure equilibrium between the plan&#8217;s
assets and liabilities, based on an ALM (Asset Liability Management) study that
takes into consideration the benefits of participants and beneficiaries for each
plan.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P></DIV>
<P style="TEXT-ALIGN: right">Page 97 of 110</P>
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<a name="_bclHeader99"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The
investment plan is reviewed annually and approved by the Decision-Making Board
considering a 5-year horizon, as established by resolution CGPC 7 of December 4,
2003. The investment limits and criteria established in the policy are based on
Resolution 3792/09 published by the National Monetary Council
(&#8220;CMN&#8221;).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>c.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Employee benefits</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The
actuarial calculations are updated at the end of each annual reporting period by
outside actuaries and presented in the financial statements pursuant to CPC 33
and IAS 19 </FONT><I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Employee Benefits</FONT></I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>.&nbsp;</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>

  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="68%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2011</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2010</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="68%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Obligations recognized in the balance
      sheet</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="68%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Pension plan benefits</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>11,673 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="68%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Post-employment healthcare benefits</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>457,377 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>367,839 </FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="68%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>469,050 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>367,839 </FONT></B></P></TD></TR>
  <TR style="HEIGHT: 5.05pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 5.05pt; PADDING-TOP: 0cm" vAlign=top width="68%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 5.05pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 5.05pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 5.05pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="100%" colSpan=4>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The reconciliation of employee benefits&#8217; assets and
      liabilities is as follows:</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="68%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="68%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2011</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2010</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="68%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Present value of defined benefit
      obligations</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(2,153,649)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,982,556)</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="68%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Fair value of plan assets</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,384,450 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt; TEXT-DECORATION: none" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,316,018 </FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="68%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(Deficit)/surplus </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>230,801 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>333,462 </FONT></B></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="68%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Restriction to actuarial assets due to recovery
      limitation</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(174,926)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(280,582)</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="68%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(Liabilities)/assets, net</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>55,875 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>52,880 </FONT></B></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="68%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Liabilities</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(11,673)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="68%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Assets (*)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>67,548 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>52,880 </FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="68%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Net (liabilities)/assets recognized in the balance
      sheet</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(11,673)</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 5.05pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.05pt; PADDING-TOP: 0cm" vAlign=top width="68%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.05pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.05pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.05pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="100%" colSpan=4>
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Changes in the present value of defined benefit
      obligation during the year are as follows:</FONT></P></TD></TR>
  <TR height=20>
    <TD vAlign=top width="68%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD vAlign=top width="15%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD vAlign=top width="2%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD vAlign=top width="15%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="68%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2011</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2010</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="68%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Present value of obligations at the beginning of the
      year</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,982,556 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,731,767 </FONT></B></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="68%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Cost of services</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>5,579 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,313 </FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="68%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Interest cost</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>202,242 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>185,285 </FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="68%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Benefits paid</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(178,403)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(166,147)</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="68%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Actuarial loss/(gain) </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>141,675 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>225,341 </FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="68%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4,997 </FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="68%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Present value of obligations at the end of the
      year</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,153,649 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,982,556 </FONT></B></P></TD></TR>
  <TR style="HEIGHT: 5.05pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.05pt; PADDING-TOP: 0cm" vAlign=top width="68%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.05pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.05pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.05pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="100%" colSpan=4>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Changes in the fair values of plan assets in the
      current year are as follows:</FONT></P></TD></TR>
  <TR height=20>
    <TD vAlign=top width="68%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD vAlign=top width="15%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD vAlign=top width="2%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD vAlign=top width="15%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="68%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2011</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2010</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="68%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Fair value of assets at the beginning of the
      year</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,316,018 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,160,158 </FONT></B></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="68%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Expected return on plan assets</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>260,163 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>218,229 </FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="68%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Sponsors' contributions</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>67,709 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>63,109 </FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="68%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Participants' contributions </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="68%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Benefits paid</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(178,402)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(166,147)</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="68%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Actuarial (gains) losses</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(81,038)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>40,669 </FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="68%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Fair value of plan assets at the end of the
      year</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,384,450 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="15%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,316,018 </FONT></B></P></TD></TR>
  <TR height=20>
    <TD vAlign=top width="68%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD vAlign=top width="15%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD>
    <TD vAlign=top width="2%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>
    <TD vAlign=top width="15%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD></TR>
  <TR height=20>
    <TD vAlign=top width="100%" colSpan=4>
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The amounts recognized in the income
      statement are comprised as follows:</FONT></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0cm 0cm 10pt">&nbsp;</P></DIV>
<P style="TEXT-ALIGN: right">Page 98 of 110</P>
<DIV style="PAGE-BREAK-BEFORE: always">
<HR align=center SIZE=2 width="100%" noShade>
&nbsp;</DIV>&nbsp; <A name=page_100></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader100"></a><DIV>
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P></DIV>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>

  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="71%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2011</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2010</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="71%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Cost of current services</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(5,579)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,313)</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="71%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Interest cost</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(202,242)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(185,285)</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="71%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Expected return on plan assets</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>260,163 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>218,229 </FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="71%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Sponsors' contributions transferred in prior
      year</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>67,710 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>63,109 </FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="71%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>120,052 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>94,740 </FONT></B></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="71%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total unrecognized revenue (*)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>103,678 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>94,740 </FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="71%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total (costs)/revenue recognized in the income
      statement</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>16,374 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="71%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total (costs)/revenue, net </FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>120,052 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>94,740 </FONT></B></P></TD></TR>
  <TR style="HEIGHT: 5.05pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.05pt; PADDING-TOP: 0cm" vAlign=top width="71%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.05pt; PADDING-TOP: 0cm" vAlign=top width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.05pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.05pt; PADDING-TOP: 0cm" vAlign=top width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="100%" colSpan=4>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(*) The Company did not recognize in its
      balance sheet the asset and the balancing items thereto resulting from the
      actuarial valuation of surplus plans because there is no clear evidence of
      its realization, in accordance with IAS 19 </FONT><I><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Employee benefits.</FONT></I></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The (cost)/income is recognized in the
      income statement in other operating expenses.</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Changes in actuarial gains and losses are
      as follows</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="71%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="71%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2011</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2010</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="71%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Actuarial gains and (losses)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(222,712)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(184,671)</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="71%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Restriction due to recovery limitation</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>105,655 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>99,509 </FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="71%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(117,057)</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(85,162)</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="71%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Actuarial gains and (losses) recognized in other
      comprehensive income</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(28,048)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="71%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Unrecognized actuarial gains/(losses)
    (*)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(89,009)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(85,162)</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="71%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total cost of actuarial (gains) and losses
      </FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(117,057)</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(85,162)</FONT></B></P></TD></TR></TABLE></DIV>
<DIV align=left><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</DIV>
<DIV align=left><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(*) The actuarial loss results from the fluctuation in the
investments that form CBS&#8217;s asset portfolio.</FONT></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The
history of actuarial gains and losses is as follows:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" border=0 cellSpacing=0 cellPadding=0>

  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="41%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2011</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2010</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2009</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>01/01/2009 (**) </FONT></B></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="41%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Present value of defined benefit
      obligations</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(2,153,649)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,982,556)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,731,767)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,415,029)</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="41%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Fair value of plan assets</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,384,450 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,316,018 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,160,158 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt; TEXT-DECORATION: none" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,396,350 </FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="41%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Surplus</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>230,801 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>333,462 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>428,391 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(18,679)</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="41%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Experience adjustments to plan
    obligations</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>141,675 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>225,341 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>287,146 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="41%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Experience adjustments to plan assets</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(81,038)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>40,669 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>664,341 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="1%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="14%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The
main actuarial assumptions used were as follows:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P></DIV>
<P style="TEXT-ALIGN: right">Page 99 of 110</P>
<DIV style="PAGE-BREAK-BEFORE: always">
<HR align=center SIZE=2 width="100%" noShade>
&nbsp;</DIV>&nbsp; <A name=page_101></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 0px" border=0 cellSpacing=0 cellPadding=0>

  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="46%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="26%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2011</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%"></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="26%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2010</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 10.9pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="46%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Actuarial funding method</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="26%" align=center>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Projected unit credit</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" align=center></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="26%" align=center>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Projected unit credit</FONT></P></TD></TR>
  <TR style="HEIGHT: 10.9pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="46%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Functional currency</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="26%" align=center>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Real (R$)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" align=center></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="26%" align=center>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Real (R$)</FONT></P></TD></TR>
  <TR style="HEIGHT: 10.9pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="46%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Recognition of plan assets</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="26%" align=center>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Fair value</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" align=center></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="26%" align=center>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Fair value</FONT></P></TD></TR>
  <TR style="HEIGHT: 32.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=bottom width="46%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Amount used as estimate of equity at the end of the
      year</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=bottom width="26%" align=center>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Best estimate for equity at the end of the fiscal
      year, obtained based on a projection of October amounts
    recorded</FONT></P></TD>
    <TD vAlign=bottom width="2%" align=center></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=bottom width="26%" align=center>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Best estimate for equity at the end of the fiscal
      year, obtained based on a projection of October amounts recorded
      </FONT></P></TD></TR>
  <TR style="HEIGHT: 10.9pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="46%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Discount rate</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="26%" align=center>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>10.46%</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" align=center></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="26%" align=center>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>10.66%</FONT></P></TD></TR>
  <TR style="HEIGHT: 10.9pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="46%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Inflation rate</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="26%" align=center>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4.6%</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" align=center></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="26%" align=center>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4.4%</FONT></P></TD></TR>
  <TR style="HEIGHT: 10.9pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="46%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Nominal salary increase rate</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="26%" align=center>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>5.65%</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" align=center></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="26%" align=center>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>5.44%</FONT></P></TD></TR>
  <TR style="HEIGHT: 10.9pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="46%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Nominal benefit increase rate</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="26%" align=center>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4.6%</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" align=center></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="26%" align=center>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4.4%</FONT></P></TD></TR>
  <TR style="HEIGHT: 10.9pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="46%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Rate of return from investments</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="26%" align=center>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>11,52% - 12,24%</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" align=center></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="26%" align=center>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>11,31% - 12,21%</FONT></P></TD></TR>
  <TR style="HEIGHT: 10.9pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="46%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>General mortality table</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="26%" align=center>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>AT 2000 segregated by gender </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" align=center></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="26%" align=center>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>AT 2000 segregated by gender </FONT></P></TD></TR>
  <TR style="HEIGHT: 21.7pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=bottom width="46%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Disability table</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=bottom width="26%" align=center>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Mercer Disability with probabilities multiplied by
      2</FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="2%" align=center></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=bottom width="26%" align=center>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Mercer Disability with probabilities multiplied by
      2</FONT></P></TD></TR>
  <TR style="HEIGHT: 10.9pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="46%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Disability mortality table</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="26%" align=center>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Winklevoss - 1% </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" align=center></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="26%" align=center>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Winklevoss - 1% </FONT></P></TD></TR>
  <TR style="HEIGHT: 21.7pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=bottom width="46%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Turnover table</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=bottom width="26%" align=center>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2% p.a. millennium plan, nil for defined benefit
      plans </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="2%" align=center></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=bottom width="26%" align=center>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2% p.a. millennium plan, nil for defined benefit
      plans </FONT></P></TD></TR>
  <TR style="HEIGHT: 32.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=bottom width="46%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Retirement age</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=bottom width="26%" align=center>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100% on first date he/shed becomes eligible for
      programmed retirement benefit under plan </FONT></P></TD>
    <TD vAlign=bottom width="2%" align=center></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=bottom width="26%" align=center>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100% on first date he/shed becomes eligible for
      programmed retirement benefit under plan </FONT></P></TD></TR>
  <TR style="HEIGHT: 37.8pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 37.8pt; PADDING-TOP: 0cm" vAlign=bottom width="46%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Household of active participants</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 37.8pt; PADDING-TOP: 0cm" vAlign=bottom width="26%" align=center>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>95% will be married at the time of retirement, with
      the wife being 4 years younger than the husband </FONT></P></TD>
    <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=bottom width="2%" align=center></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 37.8pt; PADDING-TOP: 0cm" vAlign=bottom width="26%" align=center>
      <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>95% will be married at the time of retirement, with
      the wife being 4 years younger than the husband
</FONT></P></TD></TR></TABLE><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The
assumptions related to the mortality table are based on published statistics and
mortality tables. These tables represent an average life expectancy in years of
employees retiring at the age of 65, as shown below:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>

  <TR style="HEIGHT: 10.9pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="72%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2011</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2010</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="72%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Longevity at age of 65 for current
      participants</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="72%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Male</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>19.55 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>19.55 </FONT></P></TD></TR>
  <TR style="HEIGHT: 10.9pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="72%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Female</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>22.17 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>22.17 </FONT></P></TD></TR></TABLE><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Allocation of plan assets:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>

  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="40%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="28%" colSpan=3>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2011</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="28%" colSpan=3>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2010</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="40%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Variable income</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>360,958 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>15.14%</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>234,303 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>10.12%</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="40%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Fixed income</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,756,831 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>73.68%</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,961,306 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>84.68%</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="40%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Real estate</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>190,756 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>8.00%</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>52,352 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>2.26%</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="40%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>75,905 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>3.18%</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>68,057 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>2.94%</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="40%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,384,450 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>100.00%</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,316,018 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>100.00%</FONT></B></P></TD></TR></TABLE><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Expected long-term return on plan assets:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" border=0 cellSpacing=0 cellPadding=0>

  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="72%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2011</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2010</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="72%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Variable income</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>18.05%</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>15.58%</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="72%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Fixed income</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>10.53%</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>10.44%</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="72%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Real estate</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>10.34%</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>9.62%</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="72%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>10.34%</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>9.62%</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="72%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>11.78%</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>11.62%</FONT></B></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The
actual return on plan assets was R$179,126 (R$258,898 as of December 31,
2010).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Variable-income assets comprise mainly CSN
shares.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Fixed-income assets comprise mostly debentures,
Certificates of Interbank Deposit (&#8220;CDI&#8221;) and National Treasury Notes
(&#8220;NTN-B&#8221;).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P></DIV>
<P style="TEXT-ALIGN: right">Page 100 of 110</P>
<DIV style="PAGE-BREAK-BEFORE: always">
<HR align=center SIZE=2 width="100%" noShade>
&nbsp;</DIV>&nbsp; <A name=page_102></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader102"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Real
estate refers to buildings appraised by a specialized asset appraisal firm.
There are no assets in use by CSN and its subsidiaries.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>For
the defined benefit plans, the expense as of December 31, 2011 was R$67,276
(R$63,110 as of December 31, 2010).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>For
the mixed plan, which has defined contribution components, the expense in 2011
was R$29,487 (R$22,514 as of December 31, 2010).</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>d.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Expected contributions</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Expected contributions of R$69,244 will be paid to defined
benefits plans in 2012.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>For
the mixed supplementary benefit plan, which includes defined contribution
components, expected contributions of R$27,500 will be paid in 2012.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>POST-EMPLOYMENT HEALTH CARE PLAN</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Refer
to a healthcare plan created on December 1, 1996 exclusively for retired former
employees, pensioners, those who received an amnesty, war veterans, widows of
employees who died as a result of on-the-job accidents and former employees who
retired on or before March 20, 1997 and their related dependents. Since then,
the health care plan has not permitted the inclusion of new beneficiaries.&nbsp;
The plan is sponsored by CSN and administered by Caixa Beneficente dos
Empregados da Cia. Sider&#250;rgica Nacional - CBS. &nbsp;</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The
amounts recognized in the balance sheet were determined as follows:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>

  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="72%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2011</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2010</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="72%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Present value of obligations</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>457,377 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>367,839 </FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="72%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Liabilities</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>457,377 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>367,839 </FONT></B></P></TD></TR>
  <TR style="HEIGHT: 5.05pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.05pt; PADDING-TOP: 0cm" vAlign=top width="72%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.05pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.05pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.05pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>
  <TR height=20>
    <TD vAlign=top width="100%" colSpan=4>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The reconciliation of liabilities for healthcare
      benefits is as follows:</FONT></P></FONT></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="72%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="72%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2011</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2010</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="72%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Actuarial liabilities at the beginning of the
      year</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>367,839 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>317,145 </FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="72%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Interest on actuarial obligation</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>39,616 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>35,457 </FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="72%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Sponsor's contributions transferred in prior
      year</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(34,653)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(33,064)</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="72%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Recognition of (gain)/loss for the
year</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>84,575 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>48,301 </FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="72%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Actuarial liabilities at the end of the
      year</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>457,377 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>367,839 </FONT></B></P></TD></TR>
  <TR style="HEIGHT: 5.05pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.05pt; PADDING-TOP: 0cm" vAlign=top width="72%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.05pt; PADDING-TOP: 0cm" vAlign=top width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.05pt; PADDING-TOP: 0cm" vAlign=top width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.05pt; PADDING-TOP: 0cm" vAlign=top width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="100%" colSpan=4>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=arial,sans-serif>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>For the post-employment healthcare benefit plan, the
      expense in 2011 was R$37,343 (R$33,817 as of December 31,
2010).</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The actuarial gains and losses recognized in equity
      are as follows:</FONT></P></FONT></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="72%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="72%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2011</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2010</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="72%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Actuarial loss on obligation</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>84,575 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>48,301 </FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="72%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Loss recognized in equity</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>84,575 </FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>48,301 </FONT></B></P></TD></TR></TABLE></DIV>
<DIV align=left>&nbsp;</DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The
history of actuarial gains and losses is as follows:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" border=0 cellSpacing=0 cellPadding=0>

  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="42%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2011</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>12/31/2010</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>31/12/2009</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>01/01/2009 (**)</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="42%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Present value of defined benefit
      obligation</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(457,377)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(367,839)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(317,145)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #eaeaea; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(296,608)</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="42%">
      <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>(Deficit)/surplus</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(457,377)</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(367,839)</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(317,145)</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(296,608)</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 11.65pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="42%">
      <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Experience adjustments to plan
    obligations</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>84,575 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>48,301 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>17,232 </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>
      <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>9,023 </FONT></P></TD></TR></TABLE></DIV><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT></DIV>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">&nbsp;</DIV>
<P style="TEXT-ALIGN: right">Page 101 of 110</P>
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<HR align=center SIZE=2 width="100%" noShade>
&nbsp;</DIV>
nbsp; <A name="page_103"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(**) IAS 19 requires disclosure of the history for 5 (five) years, although this does not have to be retrospectively applied for a first-time adopter of IFRS.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The impact on a one-percent change in the assumed trend rate of the healthcare cost is as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 10.9pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="42%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="28%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2011</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="28%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2010</FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.9pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="42%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Increase</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Reduction</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Increase</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Reduction</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Effect on total cost of current service and finance cost</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,603 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(3,128)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Effect on defined benefit obligation </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>42,032 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(35,916)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>34,122 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(29,617)</FONT></P></TD></TR></TABLE><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The actuarial assumptions used for calculating post-employment healthcare benefits were:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<DIV align=left><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="42%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2011</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2010</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Biometric</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>General mortality table</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>AT 2000 segregated by gender</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>AT 2000 segregated by gender</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Turnover</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>N.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>N.A.</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Household</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Actual household</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Actual household</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="42%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="42%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Financial</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2011</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2010</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Actuarial nominal discount rate</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>10.46%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>10.77%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Inflation</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>4.6%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>4.4%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Increase in medical cost based on age</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>4.6%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>1.5%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Nominal medical costs growth rate</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>2.31%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>2.31%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="42%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>Average medical costs</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>299.69 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: white; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=top width="28%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=arial,sans-serif>316.22 </FONT></P></TD></TR></TABLE></DIV></FONT></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=Arial>30</FONT>.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>COMMITMENTS</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>a.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Take-or-pay contracts</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>As of December 31, 2011 and 2010, the Company was a party to take-or-pay contracts as shown in the following table:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT face=Arial></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">

<TABLE style="WIDTH: 0px" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 14.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=bottom width="29%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" colSpan=3 align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Payments</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=bottom width="35%" colSpan=11>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Minimum future payments</FONT></B></P></TD></TR>

<TR style="HEIGHT: 22.45pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 22.45pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Concessionaire</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 22.45pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 22.45pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Type of service</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 22.45pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 22.45pt; PADDING-TOP: 0cm" vAlign=bottom width="29%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Agreement terms and conditions</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 22.45pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 22.45pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" align=left>

   <P style="MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2010</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 22.45pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=left>

   <P style="MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 22.45pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" align=left>

   <P style="MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2011</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 22.45pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=left>

   <P style="MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 22.45pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" align=left>

   <P style="MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2012</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 22.45pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=left>

   <P style="MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 22.45pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" align=left>

   <P style="MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2013</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 22.45pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=left>

   <P style="MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 22.45pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" align=left>

   <P style="MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2014</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 22.45pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=left>

   <P style="MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 22.45pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" align=left>

   <P style="MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 22.45pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=left>

   <P style="MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 22.45pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" align=left>

   <P style="MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>After 2015</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 22.45pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=left>

   <P style="MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 22.45pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" align=left>

   <P style="MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 21.7pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="8%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>MRS Log&#237;stica</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="13%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Iron ore transportation.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Contractual clause providing for guaranteed revenue on railway freight. In the case of CSN, this means a minimum payment of 80% of freight estimate.</FONT></P></TD>

   <TD vAlign=middle width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>92,504</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>153,870</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>176,058</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>176,058</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>176,058</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>176,058</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>88,029</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>792,261</FONT></B></P></TD></TR>

<TR height=20>

   <TD vAlign=middle width="8%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="13%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%"></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=middle width="8%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>MRS Log&#237;stica</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=middle width="13%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Steel products transportation</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=middle width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Transportation of at least 80% of annual volume agreed with MRS.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>17,606</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>58,762</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>58,762</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>58,762</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>58,762</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>24,484</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 12.35pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>259,532</FONT></B></P></TD></TR>

<TR height=20>

   <TD vAlign=middle width="8%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="13%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD></TR>

<TR style="HEIGHT: 21.7pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="8%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>MRS Log&#237;stica</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="13%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Iron ore, coke and coal transportation.</FONT></P></TD>

   <TD vAlign=middle width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Transportation of 8,280,000 metric tons per year of iron ore and 3,600,000 metric tons per year of coal, coke and other reducing agents.</FONT></P></TD>

   <TD vAlign=middle width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>7,151</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>41,463</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100,060</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100,060</FONT></B></P></TD></TR>

<TR height=20>

   <TD vAlign=middle width="8%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="13%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%"></TD>

   <TD vAlign=middle width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%"></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD></TR>

<TR style="HEIGHT: 14.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=middle width="8%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>FCA</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=middle width="13%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Mining products transportation.</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=middle width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=middle width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Transportation of at least 1,900,000 metric tons per year. </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>419</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,324</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>63,085</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>63,085</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>126,170</FONT></B></P></TD></TR>

<TR height=20>

   <TD vAlign=middle width="8%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="13%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%"></TD>

   <TD vAlign=middle width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD></TR>

<TR style="HEIGHT: 21.7pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="8%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>FCA</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="13%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>FCA railway transportation of clinker to CSN Cimentos.</FONT></P></TD>

   <TD vAlign=middle width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Transportation of at least 675,000 metric tons per year of clinker in 2011 and 738,000 metric tons per year of clinker starting 2012.</FONT></P></TD>

   <TD vAlign=middle width="1%">&nbsp;</TD>

   <TD vAlign=middle width="5%">&nbsp;</TD>

   <TD vAlign=middle width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,648 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>26,937</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>26,937</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>26,937</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>26,937</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>116,727</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>224,475</FONT></B></P></TD></TR>

<TR height=20>

   <TD vAlign=middle width="8%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="13%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%"></TD>

   <TD vAlign=middle width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%"></TD>

   <TD vAlign=middle width="5%"></TD>

   <TD vAlign=middle width="1%"></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD></TR>

<TR style="HEIGHT: 32.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="8%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>ALL</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="13%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Railway transportation of steel products.</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=middle width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Rail transportation of at least, 20,000 metric tons of steel products monthly, which can vary 10% up or down, originated at the &#193;gua Branca Terminal in S&#227;o Paulo for CSN PR in Arauc&#225;ria, State of Paran&#225;.</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=middle width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>10,214</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>14,774</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,540</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,540</FONT></B></P></TD></TR>

<TR height=20>

   <TD vAlign=middle width="8%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="13%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%"></TD>

   <TD vAlign=middle width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%"></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD></TR>

<TR style="HEIGHT: 21.7pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="8%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>White Martins</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="13%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Supply of gas (oxygen, nitrogen and argon).</FONT></P></TD>

   <TD vAlign=middle width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>CSN undertakers to buy at least 90% of the annual volume of gas contracted with White Martins.</FONT></P></TD>

   <TD vAlign=middle width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>103,098</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>102,274</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>93,606</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>93,606</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>93,606</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>93,606</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>93,606</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>468,030</FONT></B></P></TD></TR>

<TR height=20>

   <TD vAlign=middle width="8%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="13%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%"></TD>

   <TD vAlign=middle width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%"></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD></TR>

<TR style="HEIGHT: 14.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=middle width="8%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>CEG Rio</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=middle width="13%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Supply of natural gas.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=middle width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>CSN undertakes to buy at least 70% of the monthly natural gas volume</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>431,093</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>432,449</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>280,322</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>280,322</FONT></B></P></TD></TR>

<TR height=20>

   <TD vAlign=middle width="8%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="13%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD></TR>

<TR style="HEIGHT: 32.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="8%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Vale S.A</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="13%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Supply of iron ore pellets.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>CSN undertakes to buy at least 90% of the volume of iron ore pellets secured by contract. The take-or-pay volume is determined every 18 months.</FONT></P></TD>

   <TD vAlign=middle width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>195,221</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>349,797</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>176,305</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>176,305</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>117,537</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>470,147</FONT></B></P></TD></TR>

<TR height=20>

   <TD vAlign=middle width="8%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="13%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%"></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD></TR>

<TR style="HEIGHT: 21.7pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="8%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Compag&#225;s</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="13%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Supply of natural gas.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>CSN undertakes to buy at least 80% of the monthly natural gas volume contracted with Compag&#225;s.</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=middle width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>15,318</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>16,884</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>13,281</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>13,281</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>13,281</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>13,281</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>119,531</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>172,655</FONT></B></P></TD></TR>

<TR height=20>

   <TD vAlign=middle width="8%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="13%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%"></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD></TR>

<TR style="HEIGHT: 21.7pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="8%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>COPEL</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="13%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Power supply.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>CSN undertakers to buy at least 80% of the annual energy volume contracted with COPEL.</FONT></P></TD>

   <TD vAlign=middle width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>13,178</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>13,378</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>7,487</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>7,487</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>7,487</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>7,487</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>39,934</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>69,882</FONT></B></P></TD></TR>

<TR height=20>

   <TD vAlign=middle width="8%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="13%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%"></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD></TR>

<TR style="HEIGHT: 32.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="8%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>K&amp;K Tecnologia</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="13%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Processing of blast furnace sludge generated during pig iron production.</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=middle width="1%">&nbsp; </TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>CSN undertakes to supply at least 3,000 metric tons per month of blast furnace sludge for processing at K&amp;K sludge concentration plant.</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=middle width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,082 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>6,186</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>7,074</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>7,074</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>7,074</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>7,074</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>51,283</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>79,579</FONT></B></P></TD></TR>

<TR height=20>

   <TD vAlign=middle width="8%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="13%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">&nbsp;</TD>

   <TD vAlign=middle width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%"></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT></B></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD></TR>

<TR style="HEIGHT: 68.3pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 68.3pt; PADDING-TOP: 0cm" vAlign=middle width="8%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Harsco Metals</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 68.3pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 68.3pt; PADDING-TOP: 0cm" vAlign=middle width="13%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Processing of slag generated during pig iron and steel production.</FONT></P></TD>

   <TD vAlign=middle width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 68.3pt; PADDING-TOP: 0cm" vAlign=middle width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Harsco Metals undertakes to process metal products and slag crushing byproducts resulting from CSN&#8217;s pig iron and steel manufacturing process, receiving for this processing the amount corresponding to the product of the multiplication of unit price (R$/t) by total production of liquid steel from CSN steel mill, ensuring a minimum production of liquid steel of 400,000 metric tons.</FONT></P></TD>

   <TD vAlign=middle width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 68.3pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>37,279</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 68.3pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 68.3pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>39,739</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 68.3pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 68.3pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>30,000</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 68.3pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 68.3pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>30,000</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 68.3pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 68.3pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>15,000</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 68.3pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 68.3pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 68.3pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 68.3pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 68.3pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 68.3pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>75,000</FONT></B></P></TD></TR>

<TR height=20>

   <TD vAlign=middle width="8%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="13%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%"></TD>

   <TD vAlign=middle width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%"></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT></B></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD></TR>

<TR style="HEIGHT: 54.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 54.5pt; PADDING-TOP: 0cm" vAlign=middle width="8%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Siemens</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 54.5pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 54.5pt; PADDING-TOP: 0cm" vAlign=middle width="13%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Manufacturing, repair, recovery and production of ingot casting machine units.</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=middle width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 54.5pt; PADDING-TOP: 0cm" vAlign=middle width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Siemens undertakes to manufacture, repair, recover and produce, in whole or in part, ingot casting machine units to provide the necessary off-line and on-line maintenance of continuous ingot casting machine assemblies of the Presidente Vargas plant (UPV). Payment is set at R$/t of produce steel plates.</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=middle width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 54.5pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>38,569 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 54.5pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 54.5pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>38,817</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 54.5pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 54.5pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>32,324</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 54.5pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 54.5pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>18,856</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 54.5pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 54.5pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 54.5pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 54.5pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 54.5pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 54.5pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 54.5pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 54.5pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>51,180</FONT></B></P></TD></TR>

<TR height=20>

   <TD vAlign=middle width="8%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="13%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%"></TD>

   <TD vAlign=middle width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%"></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT></B></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT></P></TD>

   <TD vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=middle width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=middle width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=middle width="29%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>945,126 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,230,209 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,068,841 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>671,451 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>515,742 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>383,205 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>533,594 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=middle width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,172,833 </FONT></B></P></TD></TR></TABLE></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P></DIV>

<P></P>

<P style="TEXT-ALIGN: right">Page 102 of 110</P>

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<HR align=center SIZE=2 width="100%" noShade>

&nbsp;</DIV>

&nbsp; <A name="page_104"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>b.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Concession agreements</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Minimum future payments related to government concessions as of December 31, 2011 fall due according to the schedule set out in the following table:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 10.9pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Company</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 10.9pt; PADDING-TOP: 0cm" vAlign=bottom width="46%" colSpan=11>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Minimum future payments</FONT></B></P></TD></TR>

<TR style="HEIGHT: 14.5pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Concession</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Type of service</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2012</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2013</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2014</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>After 2015</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 14.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 54.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 54.5pt; PADDING-TOP: 0cm" vAlign=middle width="11%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>MRS</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 54.5pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 54.5pt; PADDING-TOP: 0cm" vAlign=middle width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>30-year concession, renewable for another 30 years, to provide iron ore railway transportation services from the Casa de Pedra mines, in Minas Gerais, coke and coal from the Itagua&#237; Port, in Rio de Janeiro, to Volta Redonda, transportation of export goods to the Itagua&#237; and Rio de Janeiro Ports, and shipping of finished goods to the domestic market.</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=middle width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 54.5pt; PADDING-TOP: 0cm" vAlign=middle width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>80,315 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 54.5pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 54.5pt; PADDING-TOP: 0cm" vAlign=middle width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>80,315 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 54.5pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 54.5pt; PADDING-TOP: 0cm" vAlign=middle width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>80,315 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 54.5pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 54.5pt; PADDING-TOP: 0cm" vAlign=middle width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>80,315 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 54.5pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 54.5pt; PADDING-TOP: 0cm" vAlign=middle width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>823,230</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 54.5pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 54.5pt; PADDING-TOP: 0cm" vAlign=middle width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,144,490</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=middle width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=middle width="40%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=middle width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=middle width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=middle width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=middle width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=middle width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=middle width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 54.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 54.5pt; PADDING-TOP: 0cm" vAlign=middle width="11%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Transnordestina</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 54.5pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 54.5pt; PADDING-TOP: 0cm" vAlign=middle width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>30-year concession granted on December 31, 1997, renewable for another 30 years for the development of public utility to operate the Northeastern railway system. The railway system covers 4,238 kilometers of railroads in the states of Maranh&#227;o, Piau&#237;, Cear&#225;, Para&#237;ba, Pernambuco, Alagoas and Rio Grande do Norte.</FONT></P></TD>

   <TD vAlign=middle width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 54.5pt; PADDING-TOP: 0cm" vAlign=middle width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>6,494 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 54.5pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 54.5pt; PADDING-TOP: 0cm" vAlign=middle width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>6,494 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 54.5pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 54.5pt; PADDING-TOP: 0cm" vAlign=middle width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>6,494 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 54.5pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 54.5pt; PADDING-TOP: 0cm" vAlign=middle width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>6,494 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 54.5pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 54.5pt; PADDING-TOP: 0cm" vAlign=middle width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>74,135</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 54.5pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 54.5pt; PADDING-TOP: 0cm" vAlign=middle width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100,111</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=middle width="11%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=middle width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=middle width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=middle width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=middle width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=middle width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=middle width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=middle width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 32.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="11%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Tecar</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Concession to operate TECAR, a solid bulk terminal, one of the four terminals that comprise the Itagua&#237; Port, in Rio de Janeiro, for a period ending 2022 and renewable for another 25 years.</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #eaeaea" vAlign=middle width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>111,225</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>117,913</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>125,922</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>125,922</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>881,455</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 32.65pt; PADDING-TOP: 0cm" vAlign=middle width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,362,437</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=middle width="11%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=middle width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=middle width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=middle width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=middle width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=middle width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=middle width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=middle width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 21.7pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="11%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Tecon</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>25-year concession granted in July 2001, renewable for another 25 years, to operate the container terminal at the Itagua&#237; Port.</FONT></P></TD>

   <TD vAlign=middle width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>22,129</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>22,129</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>22,129</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>22,129</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>221,293</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 21.7pt; PADDING-TOP: 0cm" vAlign=middle width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>309,809</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=middle width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=middle width="40%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=middle width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=middle width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=middle width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=middle width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=middle width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 5.75pt; PADDING-TOP: 0cm" vAlign=middle width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=middle width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=middle width="40%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=middle width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>220,163 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=middle width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>226,851 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=middle width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>234,860 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=middle width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>234,860 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=middle width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,000,113 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=middle width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #eaeaea; HEIGHT: 11.65pt; PADDING-TOP: 0cm" vAlign=middle width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,916,847 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>c.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Projects and other commitments</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Steel &#8211; Flat and long steel</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CSN intends to produce 500,000 metric tons per year of long steel products, with an estimate of 400,000 t/year of rebar and 100,000 t/year of wire</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>rod. The facilities will use scrap and pig iron as their main raw materials. In addition to this plant, CSN is assessing the option of implementing in Brazil other similar projects, also with 500,000 t/year capacity each.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Iron ore project</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>CSN projects producing 89 mtpy of iron ore products, including 50 mtpy at Casa de Pedra and 39 mtpy at Namisa. In addition, a CSN is inventing in the expansion of the Itagua&#237; seaport, or TECAR, for a capacity of 84 mtpy. The current annual export capacity is equivalent to 30 million metric tons.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Coal and coke imports are made using the TECAR terminal, whose concession agreement is 25 years, extendable for another 25 years.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Upon concession termination, all rights and privileges transferred to Tecon will be handed back to CDRJ (Companhia Docas do Rio de Janeiro), together with the assets owned by CSN and those resulting from investments made by CSN in leased assets, declared as returnable assets by CDRJ as they are necessary to the continuity of the related services. Any assets declared as returnable assets will be compensated by CDRJ at their residual value, less related depreciation/amortization.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Cement project</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Up to December 2011 the Company had invested R$770 million in the construction of an entirely new grinding unit in Volta Redonda and a new clinker blast furnace in Arcos, MG, with production capacity of 2.4 mtpy and 830,000 t/year, respectively. This project represents CSN&#8217;s entry into the cement market, taking advantage of the slag generated by its blast furnaces and its limestone reserves in Arcos.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In the fourth quarter of 2011, CSN cement sales totaled 484,346 metric tons (342,799 as of December 31, 2010) and we expect reaching full production capacity by 2012.These investments are partially financed by the BNDES.</FONT></P><STRONG><FONT face=Arial></FONT></STRONG></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Nova Transnordestina project</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Nova Transnordestina project includes building 1,728 km in new, next-generation, wide-gauge tracks. The Company expects that the investments will permit Transnordestina Log&#237;stica S.A. to boost the transportation of several products, such as iron ore, limestone, soy, cotton, sugarcane, fertilizers, oil, and fuel. The investments will be financed by means of several agencies, such as the Northeast Investment Fund (FINOR), the Northeast Development Authority (SUDENE) and the BNDES. The Company has already obtained the required environmental permits, purchased part of the equipment, contracted some of the services, and in certain regions the project is at an advanced implementation stage.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company is the guarantor of BNDES loans for the Transnordestina project, which as of December 31, 2011 total R$392,874 (R$373,484 as of December 31, 2010). These loans are being used to finance the investments in Transnordestina&#8217;s infrastructure. The maximum amount of future payments that can be required from the guarantor under the guarantee is R$392,874.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>CSN&#8217;s Logistic Platform Project in Itagua&#237;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Under the terms of the concession agreement, CSN is responsible for unloading at least 3.0 million per year of coal and coke from CSN&#8217;s suppliers through the terminal, as well as handling ore shipments. Among the approved investments announced by CSN, we highlight the development and expansion of the solid bulk terminal at Itagua&#237; so that it can also handle up to&nbsp;84 million metric tons per year of iron ore.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Long-term agreements with Namisa</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><I><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></I></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The Company has signed long-term agreements with Namisa for the provision of port operation services and supplies of run-of-mine (ROM) iron ore from the Casa de Pedra mine, as described below:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>i. Port operation service agreement</FONT></B></P><STRONG><FONT face=Arial></FONT></STRONG></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>On December 30, 2008, CSN entered into an agreement for the provision of port services to Namisa for a 34-year period, consisting of receiving, handling, storing and shipping Namisa&#8217;s iron ore in annual volumes that range from 18.0 to 39.0 million tonnes.CSN has received the amount of approximately R$5.3 billion as an advance for part of the payments due for the services to be provided under this agreement. The amounts charged for these port services are reviewed on a quarterly basis and adjusted considering the changes in the market price for iron ore.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>ii. High silicon ROM</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>On December 30, 2008, CSN also entered into an agreement for the supply of high silicon ROM ore to Namisa for a period of 30 years in volumes that range from 42 to 54 million metric tons per year. CSN has received approximately R$1.6 billion as an advance for part of the payments due for the supplies made under this agreement. The supply price is reviewed on a quarterly basis and adjusted considering the changes in the market price for iron ore.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>iii. Low silicon ROM</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>On December 30, 2008, CSN entered into an agreement for the supply of low silicon ROM ore to Namisa for a period of 35 years in volumes that range from 2.8 to 5.04 million metric tons per year. CSN has received approximately R$424 billion as an advance for part of the payments due for the supplies made under this agreement. The supply price is reviewed on a quarterly basis and adjusted considering the changes in the market price for iron ore.</FONT></P>

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&nbsp; <A name="page_106"></A><BR><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>31.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>INSURANCE</FONT></B><BR>

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<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Aiming to properly mitigate risk and in view of the nature of its operations, the Company and its subsidiaries have taken out several different types of insurance policies. Such policies are contracted in line with the CSN Risk Management policy and are similar to the insurance taken out by other companies operating in the same lines of business as CSN and its subsidiaries. The risks covered under such policies include the following: Domestic Transportation, International Transportation, Carrier&#8217;s Civil Liability, Importation, Exportation, Life and Casualty, Health Coverage, Fleet Vehicles, D&amp;O (Civil Liability Insurance for Directors and Officers), General Civil Liability, Engineering Risks, Sundry Risks, Export Credit, Performance Bond and Port Operator&#8217;s Civil Liability.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In 2011, after negotiation with insurers and reinsurers in Brazil and abroad, was issued Insurance Issued Certificate to hiring policy of Operational Risk of Property Damage and Loss of Profits, with effect from March 23, 2011 to March 22, 2012, which had its term extended by the period of March 23, 2012 to June 30, 2012. Under the insurance policy, the LMI (Maximum Limit of Indemnity) is R$850,000 and covers the following units and subsidiaries of the Company: Usina Presidente Vargas, Casa de Pedra Mine, CSN Paran&#225;, Arcos Mining, CSN Porto Real, TECON Terminal, TECAR Coal Terminal, NAMISA and CSN Cement. The Company decided to take responsibility for a range of retention of R$170 million excess of the deductibles for property damage and loss of profits and co-participate with 53.55% of the risks. The Company plans to reduce the co-participation</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In view of their nature, the risk assumptions adopted are not part of the scope of an audit of the financial statements and, accordingly, were not examined by our independent auditors.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>32.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; &nbsp;</FONT></B><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>SUBSEQUENT EVENTS</FONT></B></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Bond issuance</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>On January 30, 2012, the Company priced, through its subsidiary CSN Resources S.A., an additional bond issuance amounting to US$200 million, by reopening the US$1 billion bonds, bearing interest of 6.5% per year and maturing in July 2020.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Merger of the clinker plant</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>On January 31, 2012, the Company and its subsidiary CSN Cimentos entered into a purchase and sale agreement to acquire CSN Cimentos&#8217; unit in Arcos, MG. As a result, </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>the clinker plant is now a branch of </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>CSN.&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Purchase of Alfonso Gallardo Group assets</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>On January 31, 2012, Companhia Sider&#250;rgica Nacional, through its wholly-owned subsidiary CSN Steel, completed the acquisition of all shares held by the Alfonso Gallardo Group in the Companies Stahlwerk Th&#252;ringen (SWT) and Gallardo Sections. Total transaction price was &#8364;482.5 million.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The Company shall make allocations of the purchase price to assets acquired and liabilities assumed and the determination of any goodwill resulting from that transaction. At this moment, the Company does not have enough information to meet the disclosures related to the acquisition, required by IFRS 3 &#8211; Business Combination.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT dir=ltr>&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Settlement of debentures</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>On February 1, 2012, the Company settled the fourth issue debentures amounting to R$635,285 (R$600,000 in principal and R$35,285 in interest), which had been issued on February 1, 2006 and paid interest equivalent to 103.6% of the CDI Cetip.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in"><STRONG><FONT face=Arial></FONT></STRONG>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: right">Page 105 of 110</P>

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&nbsp; <A name=page_108></A>
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<a name="_bclHeader107"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">INDEPENDENT AUDITORS&#8217; REPORT ON THE FINANCIAL
STATEMENTS</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">To</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">The Board of Directors and Shareholders
</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=PT-BR color=black face="Times New Roman">Companhia Sider&#250;rgica Nacional</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=PT-BR color=black face="Times New Roman">S&#227;o Paulo &#8211; SP</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=PT-BR color=black face="Times New Roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">We have audited the
accompanying individual and consolidated financial statements of Companhia
Sider&#250;rgica Nacional (&#8220;the Company&#8221;), identified as Parent and Consolidated,
respectively, &nbsp;which comprises the statement of financial
position</FONT><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"> </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">as at December 31, 2011 and the related statements of
income, comprehensive income, changes in shareholders equity and cash flows for
the year then ended, as well as a summary of significant accounting policies and
other explanatory information.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Management&#8217;s
Responsibility for the Financial Statements</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Management is
responsible for the preparation and fair presentation of these individual
financial statements in accordance with the accounting practices adopted in
Brazil and these consolidated financial statements in accordance with
International Financial Reporting Standards (IFRS) issued by the International
Accounting Standard Board (IASB), and in accordance with accounting practices
adopted in Brazil, and &nbsp;for such internal control as management determines
is necessary to enable the preparation of financial statements that are free
from material misstatement, whether due to fraud or error. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Independent Auditors&#8217;
Responsibility</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Our responsibility is
to express an opinion on these financial statements based on our audit. We
conducted our audit in accordance with Brazilian and International Standards on
Auditing. Those standards require that we comply with ethical requirements and
plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free from material misstatement.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">An audit involves
performing procedures selected to obtain audit evidence about the amounts and
disclosures in the financial statements.&nbsp; The procedures selected depend on
our judgment, including the assessment of the risks of material misstatement in
the financial statements, whether due to fraud or error. In making those risk
assessments, we consider internal control relevant to the entity&#8217;s preparation
and fair presentation of the&nbsp; financial statements 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 Company&#8217;s internal
control.</FONT><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#3366ff face="Times New Roman">&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of accounting
estimates made by management, as well as evaluating the overall presentation of
the financial statements.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our audit
opinion.</FONT></P>
<P style="MARGIN: 0in 0in 10pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Opinion on the individual financial statements
</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">In our opinion, the
aforementioned individual financial statements present fairly, in all material
respects, the individual financial position of Companhia Siderurgica Nacional as
at December 31, 2011, and its individual financial performance and its cash
flows for the year then ended in accordance with the accounting practices
adopted in Brazil.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P>
<P style="MARGIN: 0in 0in 10pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Opinion on the consolidated financial statements
</FONT></B></P></DIV>
<P style="TEXT-ALIGN: right">Page 106 of 110</P>
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&nbsp;</DIV>&nbsp; <A name=page_109></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader108"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">In our opinion, the
aforementioned consolidated financial statements present fairly, in all material
respects, the consolidated financial position of Companhia Siderurgica Nacional
as at December 31, 2011, and its consolidated financial performance and its
consolidated cash flows for the year then ended in accordance with International
Financial Reporting Standard (IFRS) issued by the International Accounting
Standards Board (IASB) and the accounting practices adopted in
Brazil.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;</FONT></P>
<P style="MARGIN: 0in 0in 10pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Emphasis of matter paragrafh </FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">As mentioned in note
2, the individual financial statements were prepared in accordance with the
accounting practices adopted in Brazil. In the case of Companhia Sider&#250;rgica
Nacional these practices differ from IFRS, applicable to the separate financial
statement, only with respect&nbsp; to the measurements of investments in
subisidiaries, associates companies and jointly controlled entities measured by
the equity method, while for IFRS purposes these investiments whould be measured
at cost of fair value. Our opinion is not qualified because of this
matter.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Other
matters</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Statement of value
added </FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">We also examined the
individual and consolidated statement of value added (DVA), which are the
responsibility of Company&#180;s management, for the year ended on December 31, 2011,
for which the disclosure is required by Brazilian corporation laws applicable to
publicly-held companies and presented as an additional information for the IFRS
which do not require this disclosure. This statement was submitted to the same
audit procedures previously described and, in our opinion, is fairly presented
in all material respects, in relation to the financial statements taken as
whole.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman">S&#227;o Paulo, March 26,
2012</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman">KPMG Auditores
Independentes</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">CRC
2SP014428/O-6</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Original in Portuguese
signed by</FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman">Anselmo Neves
Macedo</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman">Accountant CRC 1SP160482/O-6</FONT></P>
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P></DIV>
<P style="TEXT-ALIGN: right">Page 107 of 110</P>
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<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<P style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>

  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="99%" colSpan=3>
      <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Extract of the Meeting of the Audit Committee of
      Companhia Sider&#250;rgica Nacional &#8211; CSN</FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" width="99%" colSpan=3>
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="46%" colSpan=2>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Date: March 26,
      2012</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="53%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Report no.
    77</FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=top width="46%" colSpan=2>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=top width="53%">&nbsp;</TD></TR>
  <TR style="PAGE-BREAK-INSIDE: avoid">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dfdfdf; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="99%" colSpan=3>
      <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Participants</FONT></B></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dfdfdf; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="40%">
      <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Name</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dfdfdf; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="59%" colSpan=2>
      <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Unit</FONT></B></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="40%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Fernando
Perrone</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="59%" colSpan=2>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Member of the Audit
      Committee</FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="40%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Yoshiaki Nakano</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="59%" colSpan=2>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Member of the Audit
      Committee</FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="40%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Piedade Mota da
      Fonseca</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="59%" colSpan=2>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Internal Audit
      Department</FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="40%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Rog&#233;rio Leme Santos
      </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="59%" colSpan=2>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Controlling
      Department</FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="40%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Daniel Milani</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="59%" colSpan=2>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Controlling
      Department</FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="40%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Carla
Bellangero</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="59%" colSpan=2>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>KPMG Auditores
      Independentes</FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="40%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Marcos
Montesani</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="59%" colSpan=2>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>KPMG Auditores
      Independentes</FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="40%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>F&#225;bio Trindade</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="59%" colSpan=2>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>KPMG Auditores
      Independentes</FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="40%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Ang&#233;lica Maria de
      Queiroz</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="59%" colSpan=2>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Committee
    Advisor</FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="40%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Claudia Maria
    Sarti</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="59%" colSpan=2>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Secretary of the
      Meeting</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" width="40%">
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" width="6%">
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" width="53%">
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></TD></TR>
  <TR height=0>
    <TD width="40%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="53%">&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 35.4pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 35.4pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The Audit Committee met
to review the Company&#8217;s Financial Statements for the year ended December 31,
2011.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 35.4pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Prior to the meeting,
the preliminary financial statements were circulated to the Audit Committee, who
forwarded their comments to Management.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 35.4pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Rog&#233;rio Leme Santos
presented the Company&#8217;s 2011 results.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 35.4pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>The Audit Committee
then received the representatives of KPMG, who presented the process of
concluding the audit of the 2011 financial statements.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 35.4pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>After reviewing and
discussing the audited financial statements and Management&#8217;s Annual Report, and
having obtained the necessary clarifications, the Audit Committee decided to
recommend that the audited financial statements for the year ended December 31,
2011 be approved by the Board of Directors.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Signatures</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>

  <TR>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dfdfdf; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="49%">
      <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Name</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dfdfdf; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="51%">
      <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Signature</FONT></B></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="49%">
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Fernando
    Perrone</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="51%">
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="49%">
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Yoshiaki
Nakano</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="51%">
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="49%">
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Claudia Maria Sarti -
      secretary</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="51%">
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif></FONT>&nbsp;</P></TD></TR></TABLE></DIV>
<a name="_bclFooter109"></a><DIV>&nbsp;</DIV></DIV>
<P style="TEXT-ALIGN: right">Page 108 of 110</P>
<DIV style="PAGE-BREAK-BEFORE: always">
<HR align=center SIZE=2 width="100%" noShade>
&nbsp;</DIV>&nbsp; <A name=page_111></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader110"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>STATEMENT OF DIRETORS ON THE FINANCIAL
STATEMENTS</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#333333 face=arial,sans-serif>As the Executive Directors of the
Companhia Siderurgica Nacional, we declare pursuant to Article 25, paragraph 1,
item V of CVM Instruction 480 of December 7, 2009, that we reviewed, discussed
and agreed to the Financial Statements ended at December 31, 2011</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#333333 face=arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#333333 face=arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=PT-BR color=#333333 face=arial,sans-serif>S&#227;o Paulo, March 26, 2012.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=PT-BR color=#333333 face=arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=PT-BR color=#333333 face=arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"></P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>

  <TR>
    <TD height=11>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><IMG src="x12040220002331.jpg" width=272 height=3></TD></TR></TABLE></DIV><FONT style="FONT-SIZE: 9pt" lang=PT-BR>&nbsp; </FONT><FONT lang=EN-US><BR clear=all></FONT>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif>Benjamin Steinbruch</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif>CEO</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"></P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>

  <TR>
    <TD height=12>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><IMG src="x12040220002332.jpg" width=272 height=3></TD></TR></TABLE></DIV><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif>&nbsp; </FONT><FONT lang=EN-US><BR clear=all></FONT>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif>En&#233;as Garcia Diniz</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif>Executive Diretor</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif></FONT>&nbsp;</P>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>

  <TR>
    <TD height=12>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><IMG src="x12040220002334.jpg" width=272 height=3></TD></TR></TABLE><FONT lang=EN-US><BR clear=all></FONT>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif>Jos&#233; Taragano</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif>Executive Diretor</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"></P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>

  <TR>
    <TD height=12>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><IMG src="x12040220002334.jpg" width=272 height=3></TD></TR></TABLE></DIV><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif>&nbsp; </FONT><FONT lang=EN-US><BR clear=all></FONT>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif>Luis Fernando Barbosa Martinez</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif>Executive Diretor</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif></FONT>&nbsp;</P>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>

  <TR>
    <TD height=12>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><IMG src="x12040220002334.jpg" width=272 height=3></TD></TR></TABLE><FONT lang=EN-US><BR clear=all></FONT>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif>David Moise Salama</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif>Executive Diretor of Investors Relations</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif></FONT>&nbsp;</P>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>

  <TR>
    <TD height=12>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><IMG src="x12040220002334.jpg" width=272 height=3></TD></TR></TABLE><FONT lang=EN-US><BR clear=all></FONT>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif>Juarez Saliba de Avelar</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Executive Diretor</FONT></P>
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P></DIV>
<P style="TEXT-ALIGN: right">Page 109 of 110</P>
<DIV style="PAGE-BREAK-BEFORE: always">
<HR align=center SIZE=2 width="100%" noShade>
&nbsp;</DIV>&nbsp; <A name=page_61></A>
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<a name="_bclHeader111"></a><DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>STATEMENT OF DIRETORS ON</FONT></B><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#333333 face=arial,sans-serif>
AUDITORS&#180;REPORT</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#333333 face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#333333 face=arial,sans-serif>As the Executive Directors of the
Companhia Siderurgica Nacional, we declare pursuant to Article 25, paragraph 1,
item V of CVM Instruction 480 of December 7, 2009, that we reviewed, discussed
and agreed to the terms of the external auditors' opinion on the Financial
Statements ended at December 31, 2011</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#333333 face=arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#333333 face=arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=PT-BR color=#333333 face=arial,sans-serif>S&#227;o Paulo, March 26, 2012.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=PT-BR color=#333333 face=arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=PT-BR color=#333333 face=arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"></P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>

  <TR>
    <TD height=11>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><IMG src="x12040220002337.jpg" width=272 height=3></TD></TR></TABLE></DIV><FONT style="FONT-SIZE: 9pt" lang=PT-BR>&nbsp; </FONT><FONT lang=EN-US><BR clear=all></FONT>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif>Benjamin Steinbruch</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif>CEO</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"></P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>

  <TR>
    <TD height=12>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><IMG src="x12040220002338.jpg" width=272 height=3></TD></TR></TABLE></DIV><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif>&nbsp; </FONT><FONT lang=EN-US><BR clear=all></FONT>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif>En&#233;as Garcia Diniz</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif>Executive Diretor</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif></FONT>&nbsp;</P>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>

  <TR>
    <TD height=12>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><IMG src="x12040220002334.jpg" width=272 height=3></TD></TR></TABLE><FONT lang=EN-US><BR clear=all></FONT>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif>Jos&#233; Taragano</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif>Executive Diretor</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"></P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>

  <TR>
    <TD height=12>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><IMG src="x12040220002340.jpg" width=272 height=3></TD></TR></TABLE></DIV><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif>&nbsp; </FONT><FONT lang=EN-US><BR clear=all></FONT>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif>Luis Fernando Barbosa Martinez</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif>Executive Diretor</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif>David Moise Salama</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif>Executive Diretor of Investors Relations</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif>Juarez Saliba de Avelar</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif>Executive Diretor</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT face=Arial></FONT>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: right">Page 110 of 110</P>
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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>


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<DIV align=center><FONT color=#000000 size=3 face="Times New Roman">SIGNATURE </FONT></DIV>

<DIV><FONT size=1></FONT>&nbsp;</DIV>

<DIV><FONT size=1></FONT>&nbsp;</DIV>

<DIV style="TEXT-INDENT: 4%"><FONT color=#000000 size=3 face="Times New Roman">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. </FONT></DIV>

<DIV style="TEXT-INDENT: 4%"><FONT color=#000000 size=3 face="Times New Roman">Date:&nbsp;April 03, 2012</FONT></DIV>

<DIV><FONT size=1></FONT>&nbsp;</DIV>

<DIV align=center>

<TABLE style="WIDTH: 50%" border=0 cellSpacing=0 cellPadding=0>



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   <TD vAlign=top width="50%" colSpan=2>

   <DIV align=left><FONT color=#000000 size=3 face="Times New Roman">COMPANHIA SIDER&#218;RGICA NACIONAL </FONT></DIV></TD></TR>

<TR height=20>

   <TD vAlign=top width="50%" colSpan=2>

   <DIV align=left><FONT color=#000000 size=3 face="Times New Roman"></FONT></DIV></TD></TR>

<TR>

   <TD vAlign=top width="5%">

   <DIV align=left><FONT color=#000000 size=2 face="Times New Roman">By:</FONT></DIV></TD>

   <TD vAlign=bottom width="45%" align=center>

   <DIV align=center><FONT color=#000000 size=2 face="Times New Roman">/<SMALL>S</SMALL>/&nbsp;Benjamin Steinbruch </FONT></DIV>

   <HR align=left color=#000000 SIZE=1 noShade>

</TD></TR>

<TR>

   <TD width="5%"><FONT size=1>&nbsp;</FONT></TD>

   <TD vAlign=bottom width="45%" align=center>

   <DIV align=left><FONT color=#000000 size=2 face="Times New Roman"><B>Benjamin Steinbruch </B></FONT></DIV>

   <DIV align=left><FONT color=#000000 size=2 face="Times New Roman"><B>Chief Executive Officer <BR><BR></B></FONT></DIV></TD></TR></TABLE></DIV>

<DIV align=center>&nbsp;</DIV>

<DIV align=center>

<TABLE style="WIDTH: 50%" border=0 cellSpacing=0 cellPadding=0 align=center>



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   <TD vAlign=top width="50%" colSpan=2>

   <DIV align=left>&nbsp;</DIV></TD></TR>

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   <TD vAlign=top width="50%" colSpan=2>

   <DIV align=left><FONT color=#000000 size=3 face="Times New Roman"></FONT></DIV></TD></TR>

<TR>

   <TD vAlign=top width="5%">

   <DIV align=left><FONT color=#000000 size=2 face="Times New Roman">By:</FONT></DIV></TD>

   <TD vAlign=bottom width="45%" align=center>

   <DIV align=center><FONT color=#000000 size=2 face="Times New Roman">/<SMALL>S</SMALL>/&nbsp;David Moise Salama </FONT></DIV>

   <HR align=left color=#000000 SIZE=1 noShade>

</TD></TR>

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   <TD width="5%"><FONT size=1>&nbsp;</FONT></TD>

   <TD vAlign=bottom width="45%" align=center>

   <DIV align=left><FONT color=#000000 size=2 face="Times New Roman"><B>David Moise Salama </B></FONT></DIV>

   <DIV align=left><FONT color=#000000 size=2 face="Times New Roman"><B>Investor Relations Executive Officer <BR><BR></B></FONT></DIV></TD></TR></TABLE></DIV>

<DIV>&nbsp;</DIV>

<DIV>&nbsp;</DIV>

<DIV><FONT size=1></FONT>&nbsp;</DIV>

<DIV align=center><FONT color=#000000 size=3 face="Times New Roman"><B>FORWARD-LOOKING STATEMENTS </B></FONT></DIV>

<P align=justify><FONT size=2 face="Times New Roman, Times, Serif">This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates of future economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations. </FONT></P>

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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
