<SEC-DOCUMENT>0001292814-15-000891.txt : 20150420
<SEC-HEADER>0001292814-15-000891.hdr.sgml : 20150420
<ACCEPTANCE-DATETIME>20150417191659
ACCESSION NUMBER:		0001292814-15-000891
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20150630
FILED AS OF DATE:		20150420
DATE AS OF CHANGE:		20150417

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:		15779323

	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>sid20150417_6k.htm
<DESCRIPTION>MANAGEMENT PROPOSAL
<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>

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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>

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<DIV><FONT color=#000000 size=3 face="Times New Roman"><B>For the month of April 17, 2015</B></FONT></DIV><FONT color=#000000 size=3 face="Times New Roman"><B>Commission File Number 1-14732 </B></FONT></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>

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<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>

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<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>

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<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="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>&nbsp;
<IMG border=0 src="top.gif"></FONT></B></FONT></P><FONT lang=EN-US><BR clear=all></FONT>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=PT-BR style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>COMPANHIA SIDER&#218;RGICA NACIONAL</FONT></B></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=PT-BR style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Corporate Taxpayer&#8217;s ID (CNPJ/MF) 33.042.730/0001-04</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Company Registry (NIRE) 35.300.396.090</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Publicly-held Company</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

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   <TD width="95%"><STRONG><FONT size=2>MANAGEMENT PROPOSAL </FONT></STRONG></TD>

   <TD width="5%" align=right><STRONG><FONT size=2>2</FONT></STRONG></TD></TR>

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   <TD width="95%"><STRONG><FONT size=2>Attachment I &#8211; Management&#8217;s Comments </FONT></STRONG></TD>

   <TD width="5%" align=right><STRONG><FONT size=2>5</FONT></STRONG></TD></TR>

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   <TD width="95%"><STRONG><FONT size=2>Attachment II &#8211; Information about management compensation </FONT></STRONG></TD>

   <TD width="5%" align=right><STRONG><FONT size=2>39</FONT></STRONG></TD></TR>

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   <TD width="95%"><STRONG><FONT size=2>Attachment III &#8211; Information about the candidates for Board of Director positions</FONT></STRONG></TD>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>55</FONT></B></FONT></P></TD></TR>

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   <TD width="95%"><STRONG><FONT size=2>Attachment IV &#8211; By-Laws with amendments highlighted </FONT></STRONG></TD>

   <TD width="5%" align=right><STRONG><FONT size=2>58</FONT></STRONG></TD></TR>

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   <TD width="95%"><STRONG><FONT size=2>Attachment V &#8211; Consolidated By-Laws</FONT></STRONG></TD>

   <TD width="5%" align=right><STRONG><FONT size=2>69 </FONT></STRONG></TD></TR>

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   <TD width="95%"><STRONG><FONT size=2>Attachment VI &#8211; Protocol and Justification for Incorporation </FONT></STRONG></TD>

   <TD width="5%" align=right><STRONG><FONT size=2>80</FONT></STRONG></TD></TR>

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   <TD width="95%"><STRONG><FONT size=2>Attachment VII &#8211; Information about the appraisers </FONT></STRONG></TD>

   <TD width="5%" align=right><STRONG><FONT size=2>83</FONT></STRONG></TD></TR>

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   <TD width="95%"><STRONG><FONT size=2>Attachment VIII &#8211; Audit firm&#8217;s work proposal </FONT></STRONG></TD>

   <TD width="5%" align=right><STRONG><FONT size=2>84</FONT></STRONG></TD></TR>

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   <TD width="95%"><STRONG><FONT size=2>Attachment IX &#8211; Valuation Report for CSN Cimentos S.A.</FONT></STRONG></TD>

   <TD width="5%" align=right><STRONG><FONT size=2>93</FONT></STRONG></TD></TR></TABLE></FONT></P>

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<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>MANAGEMENT PROPOSAL</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Dear Shareholders</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Please find below the Management proposal of Companhia Sider&#250;rgica Nacional (&#8220;Company&#8221;) about the issues to be resolved at the Company&#8217;s Annual and Extraordinary Shareholders&#8217; Meeting to be summoned for April 28, 2015.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>At Annual Shareholders&#8217; Meeting:</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT></I></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>1. Analysis of the Management accounts, to examine, discuss and vote on the financial statements for the fiscal year ended December 31, 2014.</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>We propose to the Company&#8217;s shareholders to analyze the Management accounts and approve the financial statements for the fiscal year ended December 31, 2014, disclosed on March 12, 2015, at the websites of the Brazilian Securities and Exchange Commission (&#8220;</FONT><U><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>CVM</FONT></U><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>&#8221;) and BM&amp;FBOVESPA S.A. &#8211; Securities, Commodities and Futures Exchange (&#8220;</FONT><U><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>BM&amp;FBOVESPA</FONT></U><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>&#8221;), by means of the Periodic Information System (IPE) (&#8220;</FONT><U><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Financial Statements</FONT></U><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>&#8221;).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>In addition, we point out that, pursuant to item III, Article 9 of CVM Rule n&#186; 481 of December 17, 2009 (&#8220;</FONT><U><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>CVM Rule 481/09</FONT></U><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>&#8221;), the information mentioned in </FONT><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Attachment I</FONT></U></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif> hereto reflects our comments on the Company&#8217;s financial condition.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>We take this opportunity to clarify that the Company&#8217;s Audit Committee advised the approval of the Financial Statements in a meeting held on March 4, 2015, whose extract of the minutes was also made available by the Company at the websites of CVM and BM&amp;FBOVESPA, by means of the System Empresas.Net.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Given that a loss of R$105,218,360.93 was incurred for the fiscal year ended on 12/31/2014, there is no proposal in terms of allocation of income, since the loss registered will be fully absorbed by the existing profit reserves, under the terms of the only paragraph of article 189 of Law 6404/76.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>We hereby give notice that Attachment 9-1-II of CVM Instruction 481/09 is not being presented on account of the fact that a loss was recorded during the period.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>2. Definition of Management overall compensation for 2015 fiscal year.</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>We propose for the Management compensation in 2015 fiscal year the overall amount of up to </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Calibri,sans-serif>R$</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>82,935,892.00</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Calibri,sans-serif>.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>We inform that the Company&#8217;s Annual Shareholders&#8217; Meeting held on April 25, 2014 (&#8220;2014 Annual Shareholder&#8217;s Meeting&#8221;) approved the amount of up to R$78,485,750.00 as Management annual overall compensation and the amount realized in the year was R$ 34,976,635.00.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>The variation between the overall amount approved at the 2014 Annual Shareholders&#8217; Meeting and the amount effectively realized in that year was mainly due to the impacts of the world&#8217;s macroeconomic condition, which made the Company to postpone to 2015 the plans to implement a Share-Based Variable Compensation Program, with an estimated amount of R$41,902,148.00.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>We clarify that the information required for the appropriate analysis of the Management compensation proposal, pursuant to Article 12 of CVM Rule 481/09, are available in </FONT><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Attachment II </FONT></U></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>hereto. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>3. Definition of number of members and appointment of names to compose the Company&#8217;s Board of Directors </FONT></I></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>We propose that the Board of Directors to be elected at the Shareholders&#8217; Meeting, with term of office until the 2016 Annual Shareholders&#8217; Meeting to be composed of six (6) members, one (1) of them appointed by the Company&#8217;s employees, pursuant to Article 14 of the Company&#8217;s Bylaws.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>We inform that the election of members for the Board of Directors will occur by means of simple vote, composing a complete list of candidates for the vacancies in the Board of Directors, which shall be submitted for shareholders' resolution, except if the adoption of multiple vote process is required.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>In the event the adoption of multiple vote process is requested, each common share shall have as much votes as are the vacancies to be filled in in the Company&#8217;s Board of Directors, and shareholder shall be entitled to accumulate votes in only one candidate or distribute them among several candidates. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>We point out that the request to adopt the multiple vote shall be made by shareholders representing, at least, 5% of the Company&#8217;s voting capital.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>The Company&#8217;s controlling shareholders informed the Management that they will appoint to hold the positions as members of the Company&#8217;s Board of Directors, with term of office until the 2016 Annual Shareholders&#8217; Meeting, Messrs. </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Benjamin Steinbruch</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>, business administrator, inscribed in the roll of individual taxpayer (CPF/MF) under no. 618.266.778-87, </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Antonio Bernardo Vieira Maia</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>, business administrator, individual taxpayer&#8217;s register (CPF/MF) 510.578.677-72, </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Fernando Perrone</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>, attorney, individual taxpayer&#8217;s register (CPF/MF) 181.062.347-20, </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Yoshiaki Nakano</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>, business administrator, individual taxpayer&#8217;s register (CPF/MF) 049.414.548-04 and </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Luis Felix Cardamone Neto</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>, business administrator, individual taxpayer&#8217;s register (CPF/MF) 042.649.938-73.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Finally, we clarify that pursuant to Article 10 of CVM Rule 481/09, the information about the candidates to the positions as members of the Company&#8217;s Board of Directors appointed above are detailed in the </FONT><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Attachment III </FONT></U></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>hereto.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>At Extraordinary Shareholders&#8217; Meeting</FONT></U></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 6pt 0.25in; LINE-HEIGHT: normal; TEXT-INDENT: -0.25in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="FONT-SIZE: 10pt" face=Calibri>A</FONT>pprove the amendment of article 5 of the Company&#8217;s Bylaws to reflect the new capital stock, due to the cancellation of shares held in treasury approved by the board:</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 6pt 0.25in; LINE-HEIGHT: normal; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>In compliance with article 11 of CVM Instruction 481/2009, we list below the proposed amendment, its origin and justification, together with an assessment of its legal and economic effects:</FONT></P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Amended Article</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Justification and analysis</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Article 5 &#8211;</FONT></B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif> The Company&#8217;s capital stock, fully subscribed and paid-up, consists of four billion five hundred and forty million Reais (R$4,540,000,000.00), divided into </FONT><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=blue face=Calibri,sans-serif>one billion, three hundred and eighty seven million, five hundred and twenty four thousand and forty seven (1,387,524,047) </FONT><STRIKE><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=red face=Calibri,sans-serif>1.457.970.108 (um bilh&#227;o, quatrocentas e cinquenta e sete milh&#245;es, novecentas e setenta mil, cento e oito)</FONT></STRIKE><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif> common, book-entry shares with no par value.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="50%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 5.05pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>This amendment is designed to update the number of shares that make up the Company&#8217;s capital stock as stated in article 5 of the company&#8217;s By-Laws, so as to reflect the cancellation of sixty million (60,000,000) and ten million, four hundred and forty-six thousand and sixty one (10,446,061) shares, approved respectively on 07/18/2014 and 08/19/2014 by the Company&#8217;s Board of Directors. The proposed amendment has no legal or economic impact.</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 16pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>The copy of the by-laws with the suggested amendment highlighted is included in this proposal as an attachment (</FONT><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Attachment IV</FONT></U></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>).</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 6pt 0.25in; LINE-HEIGHT: normal; TEXT-INDENT: -0.25in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>2.</FONT></I></B><B><I><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>Approve the consolidation of the By-Laws:</FONT></I></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Due to the above proposed amendment, we propose that the Company&#8217;s By-Laws should be consolidated, in accordance with the wording that is shown in </FONT><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Attachment V</FONT></U></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 6pt 0.25in; LINE-HEIGHT: normal; TEXT-INDENT: -0.25in"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>3.</FONT></I></B><B><I><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>Incorporation of CSN Cimentos S.A., with its head office at Highway BR 393 (L&#250;cio Meira), no number, Km 5.001, Vila Santa Cec&#237;lia, CEP 27260-390, Volta Redonda/RJ, registered with the Ministry of Finance under Corporate Taxpayer I/D No. 42.564.807/0001-05, with its corporate acts filed at the Board of Trade of the State of Rio de Janeiro, under Company Registry (NIRE) 333.000.897.72 (&#8220;CSN Cimentos&#8221;): </FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 6pt 0.25in; LINE-HEIGHT: normal; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>3.1.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>approve the Protocol and Justification of Incorporation signed by the Company&#8217;s representatives and those of CSN Cimentos, which contains all the conditions and justifications for the incorporation of CSN Cimentos by the Company (</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>Attachment VI</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>);</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 6pt 0.25in; LINE-HEIGHT: normal; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>3.2.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>approve and ratify the hiring of APSIS Consultoria e Avalia&#231;&#245;es Ltda., a private legal entity, with its head office at Rua da Assembleia, 35, Rio de Janeiro/RJ, registered with the Ministry of Finance under Corporate Taxpayer I/D No. 08.681.365/0001-30 and with the Regional Accounting Council of the State of Rio de Janeiro under No. CRC/RJ-005112/O-9 (&#8220;APSIS&#8221;), which is the specialist company responsible for drawing up the valuation report of the shareholders&#8217; equity of CSN Cimentos, which is to be transferred to CSN;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 6pt 0.25in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>The information required under Article 21 of CVM Instruction 481/09 in relation to APSIS and the work plan presented by them is given in </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>Attachments VII</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif> and </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>VIII</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif> of this proposal, respectively.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 6pt 0.25in; LINE-HEIGHT: normal; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>3.3.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>Approve the valuation report of the shareholders&#8217; equity of CSN Cimentos, base date March 31, 2015 (</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>Attachment IX</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>);</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 6pt 0.25in; LINE-HEIGHT: normal; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>3.4.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>approve the incorporation of CSN Cimentos by the Company, under the terms and conditions established in the above mentioned Protocol and Justification of Incorporation;</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: normal" align=center><FONT lang=PT-BR style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>S&#227;o Paulo, April 9, 2015.</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: normal" align=center><FONT lang=PT-BR style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: normal" align=center><FONT lang=PT-BR style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>The Management</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: normal" align=center><FONT lang=PT-BR style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Companhia Sider&#250;rgica Nacional</FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.25pt; TEXT-AUTOSPACE: ideograph-numeric" color=#17365d face=Calibri,sans-serif>Exhibit I &#8211; Management&#8217;s Comments</FONT></B></P></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>(as per item 10 of Attachment 24 of [CVM Instruction 480)</FONT></I></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: normal" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Reference Date: December 31, 2014</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>10. OFFICERS&#8217; COMMENTS</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>10.1</FONT></I></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif> </FONT></B></P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><I><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>a) general equity and financial conditions</FONT></I></B></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>The Company is highly integrated, operating in the entire steel production chain, from the extraction of iron ore until the production and trade of coils, tin-coated for packages, shapes, including interest in railways, port terminals, production of cement and electricity generation. </FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Founded in 1941, the Company started its operations in 1946, becoming pioneer in the production of flat steel in Brazil. Privatized in 1993, the Company went through a deep restructuring and after that CSN became one of the world's most competitive and profitable steel companies.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>The Company always seek to maximize the return for its shareholders by performing in the mining, steel segments and other key activities, including logistics, production of cement and electricity generation. </FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT style="FONT-SIZE: 10pt" face=Calibri,sans-serif>The Board of Executive Officers understand that the Company has sufficient equity and financial conditions to implement its business plan and comply with its short and medium term liabilities.</FONT><B><FONT style="FONT-SIZE: 10pt" face=Calibri,sans-serif> </FONT></B></P></TD></TR></TABLE>

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   <TD style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-SIZE: 10pt" face=Calibri-Bold,Arial,Helvetica,sans-serif>Amounts in R$ thousand</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Calibri-Bold,Arial,Helvetica,sans-serif>2014</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Calibri-Bold,Arial,Helvetica,sans-serif>2013</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Calibri-Bold,Arial,Helvetica,sans-serif>2012</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid" width="55%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>Shareholders' equity</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>5,734,975</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>8,069,059</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 4.199pt" width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>9,007,513</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid" bgColor=#003366 width="55%" align=left><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>Indebtdness</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" bgColor=#003366 width="15%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp; </FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" bgColor=#003366 width="15%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp; </FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" bgColor=#003366 width="15%" align=right><FONT style="FONT-SIZE: 10pt">&nbsp; </FONT></TD></TR>

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   <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid" width="55%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>Loans and borrowings</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>29,978,195</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>27,863,222</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>29,473,673</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid" width="55%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>(-) Cash and cash equivalents</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>8,686,021</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>9,995,672</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>11,891,821</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" bgColor=#003366 width="55%" align=left><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>Net debt</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" bgColor=#003366 width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>21,292,174</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" bgColor=#003366 width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>17,867,550</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" bgColor=#003366 width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>17,545,852</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR></TABLE>

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<TR style="HEIGHT: 19.45pt">

   <TD style="HEIGHT: 19.45pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face=Calibri,sans-serif>Note: the loan and borrowings amount in the chart above includes the transactions costs, as per chart of item 10.1 (f).</FONT></P></TD></TR>

<TR style="HEIGHT: 11pt">

   <TD style="HEIGHT: 11pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: silver; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><I><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>b) capital structure and possibility of redeeming shares or quotas </FONT></I></B></P></TD></TR>

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   <TD style="HEIGHT: 19.45pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>The chart below shows the evolution of the Company&#8217;s capital structure over the last three fiscal years, with financing through equity and debt:&nbsp;</FONT>&nbsp;</P></TD></TR></TABLE></DIV>

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<TR vAlign=bottom>

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-SIZE: 10pt" face=Calibri-Bold,Arial,Helvetica,sans-serif>Amounts in R$ thousand</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Calibri-Bold,Arial,Helvetica,sans-serif>2014</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Calibri-Bold,Arial,Helvetica,sans-serif>2013</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Calibri-Bold,Arial,Helvetica,sans-serif>2012</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid" width="55%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>Shareholders' equity</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>5,734,975</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>8,069,059</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>9,007,513</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid" width="55%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>Gross debt (loans and borrowings)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>29,978,195</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>27,863,222</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>29,437,673</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid" bgColor=#003366 width="55%" align=left><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>Gross debt/Shareholders' equity</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" bgColor=#003366 width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>5.23</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" bgColor=#003366 width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>3.45</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" bgColor=#003366 width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>3.27</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR></TABLE></DIV>

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   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt" face=calibri,sans-serif>Referring to the eventual redemption of shares, the Company, depending on the market&#8217;s conditions, may implement share buyback programs. The Company and its subsidiaries did not issue redeemable preferred shares over the last three fiscal years.</FONT></P></TD></TR>

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   <TD style="HEIGHT: 11pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: silver; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><I><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>c) capacity of payment in relation to the financial commitments assumed </FONT></I></B></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Currently, the Company has a comfortable liquidity position, besides a high cash generation. In addition, the Company has access to several sources of domestic and foreign financing. Hence, the Board of Executive Officers understands that the Company has a sustainable capacity of payment to meet its financial commitments assumed.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>The graphs below show the cash and cash equivalents compared to the maturities of loans and financing on December 31, 2014, December 31, 2013 and December 31, 2012.</FONT>&nbsp;</P></TD></TR></TABLE></DIV></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt"><FONT style="DISPLAY: none"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Calibri>5</FONT></P>

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   <IMG border=0 src="fp6b.gif"></P><BR>&nbsp;

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>*</FONT><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Amounts referring to loans and borrowings include the transaction costs.</FONT></P></TD></TR>

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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Calibri>6</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT></B>&nbsp;</P>

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   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 11pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: silver; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><I><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>d) funding sources for working capital and investments in non-current assets </FONT></I></B></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>The funding sources for working capital and investment in non-current assets are lines of trade finance, lines of development banks, bonds issued in foreign markets, debentures, bank credit certificates (CCB), besides own funds. These funding sources in the domestic and foreign markets are described in item 10.1(f).</FONT></P></TD></TR>

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   <TD style="HEIGHT: 11pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: silver; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><I><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>e) funding sources for working capital and investments in non-current assets the Company plans to apply to cover liquidity deficiencies</FONT></I></B></P></TD></TR>

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   <TD style="HEIGHT: 11pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>The Company is always seeking to maximize the return for its shareholders, lengthening debt maturities and improving liquidity conditions. The Board of Executive Officers understands if it is necessary to cover any liquidity deficiency, the Company may take out special lines of credit, credit facility with banks and negotiate with its suppliers.</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><I><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>f) indebtedness levels and characteristics of debts, also describing:</FONT></I></B><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif> </FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; TEXT-INDENT: 0in"><B><I><FONT style="FONT-SIZE: 10pt" color=#000000 face=calibri,sans-serif>(i)</FONT></I></B><B><I><FONT style="FONT-SIZE: 7pt" color=#000000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B><B><I><FONT style="FONT-SIZE: 10pt" color=#000000 face=calibri,sans-serif>Relevant loan and credit facility agreements</FONT></I></B></P>

   <P style="TEXT-ALIGN: left; MARGIN: 6pt 0in 6pt 0.5in; LINE-HEIGHT: normal; TEXT-INDENT: -0.25in" align=left><FONT style="FONT-SIZE: 10pt" color=#000000 face=Calibri,sans-serif>a)</FONT><FONT style="FONT-SIZE: 7pt" color=#000000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 10pt" color=#000000 face=Calibri,sans-serif>Relevant loan and credit facility agreements as at December 31, 2014</FONT></U></P>

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; MARGIN: 6pt 0in" align=left><B><U><FONT style="FONT-SIZE: 10pt; FONT-STYLE: normal" color=#000000 face=calibri,sans-serif>In thousands of R$&nbsp;</FONT></U></B>&nbsp;&nbsp;</H2></TD></TR></TABLE></DIV>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>Consolidated</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>Parent Company</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>Rates p.a. (%)</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>Current liabilities</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>Non-current liabilities</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>Current liabilities</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>Non-current liabilities</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>12/31/2014</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>12/31/2013</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>12/31/2014</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>12/31/2013</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>12/31/2014</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>12/31/2013</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>12/31/2014</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>12/31/2013</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>FOREIGN CURRENCY</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>Prepayment</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>1% to 3.5%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>346,719 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>105,874 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>2,338,327 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>1,166,615 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>76,642 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>105,874 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>2,323,290 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>1,166,615 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>Prepayment</FONT></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>3.51% to 7.5%</FONT></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>12,411 </FONT></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>207,331 </FONT></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>1,713,249 </FONT></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>1,276,717 </FONT></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>158,915 </FONT></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>343,912 </FONT></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>6,869,730 </FONT></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>4,084,099 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>Perpetual bonds</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>7%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>3,615 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>3,189 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>2,656,200 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>2,342,600 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>Fixed rate notes</FONT></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>4.14% to 10%</FONT></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>1,236,634 </FONT></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>156,868 </FONT></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>4,996,352</FONT></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>5,505,110</FONT></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>1,187,610 </FONT></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>19,439 </FONT></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>1,593,720</FONT></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>2,433,517</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>Intercompany bonds</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>6M Libor + 2.25% and 3%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>73,839 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>737,297 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>910,983</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>110,268</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>Other</FONT></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>1.2% to 8%</FONT></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>51,634 </FONT></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>61,662 </FONT></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>387,240 </FONT></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>442,843 </FONT></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>11,334 </FONT></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>1,651,013</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>534,924</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>12,091,368</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>10,733,885</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>1,497,006</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>1,217,856</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>11,697,723</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>7,794,499</FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>LOCAL CURRENCY</FONT></B></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>BNDES/FINAME</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=arial,sans-serif>TJLP + 1.5% to 3.2% and fixed rate of 2.5% to 10%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>85,373 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>97,044 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>965,849 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>962,684 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>48,308</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>57,759</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>879,681</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>853,379</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>Debentures</FONT></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>105.8% to 111.2% of CDI</FONT></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>847,411 </FONT></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>846,387 </FONT></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>1,550,000 </FONT></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>1,932,500 </FONT></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>847,411</FONT></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>846,387</FONT></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>1,550,000</FONT></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>1,932,500</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>Prepayment</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=arial,sans-serif>106.5% to 110.79% of CDI and fixed rate of 8%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>118,870 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>101,330 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>5,345,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>5,345,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>93,087</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>79,302</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>3,345,000</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>3,345,000</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>CCB</FONT></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>112.5% of CDI</FONT></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>101,841 </FONT></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>1,085,436 </FONT></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>7,200,499 </FONT></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>6,200,000 </FONT></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>101,841</FONT></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>1,085,436</FONT></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>7,200,000</FONT></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>6,200,000</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>Intercompany bonds</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>110.79% of CDI</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>148,686</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>591,423</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>1,759,474</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>1,338,771</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>Other</FONT></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>9,422 </FONT></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>8,527 </FONT></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>11,549 </FONT></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>15,505 </FONT></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>2,258</FONT></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>2,119</FONT></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>2,118</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>1,162,917</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>2,138,724</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>15,072,897</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>14,455,689</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>1,241,591</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>2,662,426</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>14,734,155</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>13,671,768</FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="48%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>Total borrowings and financing</FONT></B></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>2,813,930</FONT></B></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>2,673,648</FONT></B></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>27,164,265</FONT></B></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>25,189,574</FONT></B></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>2,738,597</FONT></B></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>3,880,282</FONT></B></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>26,431,878</FONT></B></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>21,466,267</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="48%" colSpan=3 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=arial,sans-serif>Transaction costs and issue premiums</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>(23,406)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>(30,841)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>(71,410)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>(85,951)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>(18,362)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>(25,588)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>(61,966)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>(71,607)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="48%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=arial,sans-serif>Total borrowings and financing + transaction costs</FONT></B></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>2,790,524</FONT></B></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>2,642,807</FONT></B></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>27,092,855</FONT></B></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>25,103,623</FONT></B></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>2,720,235</FONT></B></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>3,854,694</FONT></B></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>26,369,912</FONT></B></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>21,394,660</FONT></B></P></TD></TR></TABLE></DIV>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid" width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face=Calibri,sans-serif>Prepayment balances with the Company&#8217;s related parties totaled R$5,302,985 on December 31, 2014 (R$2,943,964 on December 31, 2013) and the balances of Fixed Rate Notes and Intercompany Bonds totaled R$2,781,330 on December 31, 2014 (R$2,452,956 on December 31, 2013).</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 6pt 15.9pt; LINE-HEIGHT: normal; TEXT-INDENT: -15.9pt"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Maturities of loans, borrowings and debentures recorded under non-current liabilities</FONT></B></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt" face=Calibri,sans-serif>On December 31, 2014, the principal amount updated to reflect interest and monetary adjustment of loans, borrowings and long-term debentures were as follows, per year of maturity:</FONT><FONT style="FONT-SIZE: 10pt" color=#ff0000 face=Calibri,sans-serif> </FONT></P></TD></TR></TABLE></DIV>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 3.5pt" width="24%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Consolidated</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Parent Company</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 3.5pt" width="24%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2016</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,905,794 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>11%</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,194,943 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>16%</FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 3.5pt" width="24%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2017</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,170,116 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>15%</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,993,645 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>15%</FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 3.5pt" width="24%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2018</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,527,879 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>17%</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,214,898 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>16%</FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 3.5pt" width="24%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2019</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6,033,723 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>22%</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,588,563 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>17%</FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 3.5pt" width="24%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2020</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5,089,253 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>19%</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,680,016 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10%</FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 3.5pt" width="24%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>After 2021</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,781,300 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6%</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6,759,813 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>26%</FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 3.5pt" width="24%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Perpetual bonds</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,656,200 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" noWrap align=right>

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

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 3.5pt" width="24%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.95pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>27,164,265 </FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.95pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>100%</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.95pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>26,431,878 </FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 12.95pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: white; BORDER-BOTTOM: #000000 3px double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>100%</FONT></B></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid" width="24%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="18%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="18%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="18%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" width="18%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR></TABLE></DIV></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt"><FONT style="DISPLAY: none"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Calibri>7</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp; <A name="page_8"></A>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD width="100%" align=right>
   <IMG border=0 src="logo.gif">&nbsp;</TD></TR></TABLE>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid" width="100%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 10pt 0pt; TEXT-INDENT: 0in" align=left><FONT style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt" face=Calibri,sans-serif>Amortization and raising of loans, borrowings and debentures </FONT></B></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 0pt"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>The table below shows the amortization and funding during current year:</FONT></P></TD></TR></TABLE></FONT></B></P>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 10.4pt">

   <TD style="BORDER-LEFT: #000000 1px solid" rowSpan=8 width="5%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P><BR>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P><BR>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P><BR>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>&nbsp;<BR>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P><BR>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P><BR>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P><BR>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="HEIGHT: 10.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="37%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 10.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap></TD>

   <TD style="HEIGHT: 10.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 10.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Consolidated</FONT></B></P></TD>

   <TD style="HEIGHT: 10.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 10.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 10.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 10.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Parent Company</FONT></B></P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom rowSpan=8 width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P><BR>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P><BR>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P><BR>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P><BR>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P><BR>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P><BR>

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

<TR style="HEIGHT: 11.8pt">

   <TD style="HEIGHT: 11.8pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="37%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.8pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2014</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.8pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2013</FONT></B></P></TD>

   <TD style="HEIGHT: 11.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.8pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2014</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.8pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2013</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.8pt">

   <TD style="HEIGHT: 11.8pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="37%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Opening balance</FONT></B></P></TD>

   <TD style="HEIGHT: 11.8pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.8pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>27,746,430 </FONT></B></P></TD>

   <TD style="HEIGHT: 11.8pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.8pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>29,304,704 </FONT></B></P></TD>

   <TD style="HEIGHT: 11.8pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.8pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>25,249,354 </FONT></B></P></TD>

   <TD style="HEIGHT: 11.8pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.8pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>24,139,992 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.8pt">

   <TD style="HEIGHT: 11.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="37%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Funding transactions</FONT></P></TD>

   <TD style="HEIGHT: 11.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,907,479 </FONT></P></TD>

   <TD style="HEIGHT: 11.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,697,363 </FONT></P></TD>

   <TD style="HEIGHT: 11.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,401,090 </FONT></P></TD>

   <TD style="HEIGHT: 11.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.8pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,363,253 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.8pt">

   <TD style="HEIGHT: 11.8pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="37%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Redemption</FONT></P></TD>

   <TD style="HEIGHT: 11.8pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.8pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(3,689,287)</FONT></P></TD>

   <TD style="HEIGHT: 11.8pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.8pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(4,300,240)</FONT></P></TD>

   <TD style="HEIGHT: 11.8pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.8pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(3,423,072)</FONT></P></TD>

   <TD style="HEIGHT: 11.8pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.8pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(3,991,884)</FONT></P></TD></TR>

<TR style="HEIGHT: 3.3pt">

   <TD style="HEIGHT: 3.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="37%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Loss of control over Trasnordestina</FONT></P></TD>

   <TD style="HEIGHT: 3.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 3.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 3.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 3.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(3,180,821)</FONT></P></TD>

   <TD style="HEIGHT: 3.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 3.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 3.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 3.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 5.45pt">

   <TD style="HEIGHT: 5.45pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="37%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Other (*)</FONT></P></TD>

   <TD style="HEIGHT: 5.45pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.45pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,918,757 </FONT></P></TD>

   <TD style="HEIGHT: 5.45pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.45pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,225,424 </FONT></P></TD>

   <TD style="HEIGHT: 5.45pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.45pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,862,775 </FONT></P></TD>

   <TD style="HEIGHT: 5.45pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.45pt; BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,737,993 </FONT></P></TD></TR>

<TR style="HEIGHT: 4.9pt">

   <TD style="HEIGHT: 4.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="37%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Closing balance</FONT></B></P></TD>

   <TD style="HEIGHT: 4.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 4.9pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>29,883,379 </FONT></B></P></TD>

   <TD style="HEIGHT: 4.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 4.9pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>27,746,430 </FONT></B></P></TD>

   <TD style="HEIGHT: 4.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 4.9pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>29,090,147 </FONT></B></P></TD>

   <TD style="HEIGHT: 4.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 4.9pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>25,249,354 </FONT></B></P></TD></TR></TABLE>

<DIV align=left>

<TABLE style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-BOTTOM: medium none; MARGIN-LEFT: 0pt; BORDER-LEFT: medium none" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 29.8pt">

   <TD style="HEIGHT: 29.8pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: left; MARGIN: 6pt 0in; LINE-HEIGHT: normal" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,sans-serif>(*) It includes unrealized foreign currency and monetary variations.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt" face=Calibri,sans-serif>The Company's loans and credit facility agreements provides for restrictive covenants, usual in agreements of this natur, which were fully met as at December 31, 2014.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 0in"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Debentures</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>i. Companhia Sider&#250;rgica Nacional</FONT></B></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>7<SUP>th</SUP> issue </FONT></B></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>In March 2014 the Company issued 40,000 non-convertible and unsecured debentures, at the unit face value of R$10, totaling R$400,000 with interest 111.20% p.a. of CDI Cetip to mature at the end of March 2021, with the option of early redemption.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 0in"><FONT lang=PT-BR style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face=symbol>&#183;</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt; TEXT-AUTOSPACE: " face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=PT-BR style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face=Calibri,sans-serif>Collaterals </FONT></B></P>

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 6pt 0in"><B><U><FONT style="FONT-SIZE: 10pt; FONT-STYLE: normal" color=#000000 face=calibri,sans-serif>Amounts in R$ thousand</FONT></U></B></H2>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT></B>&nbsp;</P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt" face=Calibri,sans-serif>Collaterals granted due to loans are composed of property, plant and equipment, &#8220;aval&#8221; collaterals and sureties and do not encompass collaterals granted to subsidiaries and jointly-controlled companies. On December 31, 2014, the balance totals R$2,256 (R$4,234 on December 31, 2013).</FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 6pt 0in 6pt 0.5in; LINE-HEIGHT: normal; TEXT-INDENT: -0.25in" align=left><FONT style="FONT-SIZE: 10pt" color=#000000 face=Calibri,sans-serif>b)</FONT><FONT style="FONT-SIZE: 7pt" color=#000000 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 10pt" color=#000000 face=Calibri,sans-serif>Relevant loan and credit facility as at December 31, 2013</FONT></U></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt"><FONT style="DISPLAY: none"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Calibri>8</FONT></P>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P><BR>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P><BR>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P>&nbsp;<BR>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P><BR>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B></P><BR>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></P><BR>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>Consolidated</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>Parent Company</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>Rates p.a. (%)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%" colSpan=4>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>Current liabilities</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>Non-current liabilities</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>Current liabilities</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>Non-current liabilities</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>12/31/2013</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>12/31/2012</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>12/31/2013</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>12/31/2012</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>12/31/2013</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>12/31/2012</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>12/31/2013</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>12/31/2012</FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>FOREIGN CURRENCY</FONT></B></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>Prepayment</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>1% to 3.50%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>105,874 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>162,290 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>1,166,615 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>1,104,271 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>105,874 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>162,290 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>1,166,615 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>1,104,271 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>Prepayment</FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>3.51% to 7.50%</FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>207,331 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>8,954 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>1,276,717 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>878,705 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>343,912 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>121,962 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>4,084,099 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>3,105,474 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>Perpetual bonds</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>7.00%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>3,189 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>2,781 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>2,342,600 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>2,043,500 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>Fixed rate notes</FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>4.14 to 10%</FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>156,868 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>1,265,330 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>5,505,110 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>4,802,225 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>19,439 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>1,422,531 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>2,433,517 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>2,122,809 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>Financed imports</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>6.24%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>6,813 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>6,813 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>BNDES/FINAME</FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>Res. 635/87 interest + 1.7% and 2.7% </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>12,356 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>32,395 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>10,755 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>11,334 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>29,703 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>9,863</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>Intercompany</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>6M Libor + 2.25 and 3%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>737,297 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>91,505 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>110,268</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>634,124</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>Other </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>1.40% to 8.00% + 1.2%</FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>49,306 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>9,860 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>442,843 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>409,337 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>534,924</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>1,488,423</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>10,733,885</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>9,248,793</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>1,217,856</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>1,834,804</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>7,794,499</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>6,976,541</FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>LOCAL CURRENCY</FONT></B></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>BNDES/FINAME</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>TJLP + 1.5% to 3.2% and 2.5% to 10% fixed rate</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>97,044 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>346,623 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>962,684 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>1,535,255 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>57,759</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>253,852</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>853,379</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>835,513</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>Debentures</FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>105.8% to 110.8% CDI and TJLP + 0.85%</FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>846,387 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>128,239 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>1,932,500 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>4,436,892 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>846,387</FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>46,355</FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>1,932,500</FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>2,715,000</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>Prepayment</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>106.5% to 110,79% CDI and 8% fixed rate</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>101,330 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>163,812 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>5,345,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>4,800,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>79,302</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>147,713</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>3,345,000</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>2,800,000</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>CCB</FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>112.5% CDI</FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>1,085,436 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>62,072 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>6,200,000 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>7,200,000 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>1,085,436</FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>62,072</FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>6,200,000</FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>7,200,000</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>Intercompany</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>110.79% CDI</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>591,423</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>302,299</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>1,338,771</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>1,077,420</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>Other</FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>8,527 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>10,983 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>15,505 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>16,581 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>2,119</FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>1,986</FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>2,118</FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>3,973</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="21%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>2,138,724</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>711,729</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>14,455,689</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>17,988,728</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>2,662,426</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>814,277</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>13,671,768</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>14,631,906</FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="37%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>Total <FONT style="FONT-SIZE: 8pt" face=Arial>loans and B</FONT>orrowings</FONT></B></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>2,673,648</FONT></B></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>2,200,152</FONT></B></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>25,189,574</FONT></B></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>27,237,521</FONT></B></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>3,880,282</FONT></B></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>2,649,081</FONT></B></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>21,466,267</FONT></B></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>21,608,447</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="37%" colSpan=3 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>Transaction costs and issue premiums</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>(30,841)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>(31,030)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>(85,951)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>(101,939)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>(25,588)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>(27,578)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>(71,607)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>(89,958)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="37%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>Total <FONT style="FONT-SIZE: 8pt" face=Arial>loans and </FONT>borrowings&nbsp;+ <FONT style="FONT-SIZE: 8pt" face=Arial>Ex - </FONT>transaction costs</FONT></B></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>2,642,807</FONT></B></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>2,169,122</FONT></B></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>25,103,623</FONT></B></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>27,135,582</FONT></B></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>3,854,694</FONT></B></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>2,621,503</FONT></B></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>21,394,660</FONT></B></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt; LINE-HEIGHT: normal" face=arial,sans-serif>21,518,489</FONT></B></P></TD></TR></TABLE>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid" width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt" face=Calibri,sans-serif>Prepayment balances with the Company&#8217;s related parties totaled R$2,943,964 on December 31, 2013 (R$2,339,776 on December 31, 2012) and the balances of Fixed Rate Notes e Intercompany Bonds totaled R$2,452,956 (R$3,545,340 on December 31, 2012).</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal; TEXT-INDENT: 0in"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Funding Transaction Costs</FONT></B></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>On December 31, 2013, the funding transaction costs were stated as follows</FONT><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=#000000 face=Calibri,sans-serif>:</FONT></P>

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; MARGIN: 6pt 0in" align=left><B><U><FONT style="FONT-SIZE: 10pt; FONT-STYLE: normal" color=#000000 face=calibri,sans-serif>In thousands of R$ </FONT></U></B></H2></TD></TR></TABLE></DIV>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 3.5pt" width="13%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Consolidated </FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="26%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Parent Company</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 9pt">

   <TD style="HEIGHT: 9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 3.5pt" width="13%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 9pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Current</FONT></B></P></TD>

   <TD style="HEIGHT: 9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 9pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Noncurrent</FONT></B></P></TD>

   <TD style="HEIGHT: 9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 9pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Current</FONT></B></P></TD>

   <TD style="HEIGHT: 9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 9pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Noncurrent</FONT></B></P></TD>

   <TD style="HEIGHT: 9pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 9pt; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="24%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>TIR <SUP>(1)</SUP></FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.75pt">

   <TD style="HEIGHT: 9.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 3.5pt" width="13%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 9.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 9.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 9.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 9.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 9.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Fixed rate notes</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,865</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,830</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,461</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>6.5% to 10.7%</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>BNDES</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>631</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,660</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>481</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,660</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1.44% to 9.75%</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Prepayment</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8,162</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>15,766</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5,120</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,864</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>10.08% to 12.44%</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Prepayment</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,213</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8,368</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,739</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7,496</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2.68% to 4.04%</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>CCB</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>17,472</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>54,834</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>17,472</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>54,834</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>11.33% to 14.82%</FONT></P></TD></TR>

<TR style="HEIGHT: 22.5pt">

   <TD style="HEIGHT: 22.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Other</FONT></P></TD>

   <TD style="HEIGHT: 22.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 22.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>498</FONT></P></TD>

   <TD style="HEIGHT: 22.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 22.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>493</FONT></P></TD>

   <TD style="HEIGHT: 22.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 22.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>776</FONT></P></TD>

   <TD style="HEIGHT: 22.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 22.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,292</FONT></P></TD>

   <TD style="HEIGHT: 22.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 22.5pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>6.75% to 12.59% and 10.7% to 13.27%</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.75pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>30,841</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.75pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>85,951</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.75pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>25,588</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.75pt; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>71,607</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%" noWrap>&nbsp; </TD></TR></TABLE></DIV>

<DIV align=left>

<TABLE style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-BOTTOM: medium none; MARGIN-LEFT: 0pt; BORDER-LEFT: medium none" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 29.8pt">

   <TD style="HEIGHT: 29.8pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: left; MARGIN: 6pt 0in; LINE-HEIGHT: normal" align=left><FONT style="FONT-SIZE: 10pt" color=#000000 face=Calibri,sans-serif>(1) TJ &#8211; Annual contracted interest rates</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt" color=#000000 face=Calibri,sans-serif>(2) IRR &#8211; Annual internal rate of return</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 6pt 15.9pt; LINE-HEIGHT: normal; TEXT-INDENT: -15.9pt"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Maturities of loans, borrowings and debentures recorded under non-current liabilities</FONT></B></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt" color=#000000 face=Calibri,sans-serif>On December 31, 2013, the principal of loans, borrowings and </FONT><FONT style="FONT-SIZE: 10pt" face=Calibri,sans-serif>long-term debentures were as follows, per year of maturity</FONT><FONT style="FONT-SIZE: 10pt" color=#000000 face=Calibri,sans-serif>: </FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><U><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=#000000 face=Calibri,sans-serif>In thousands of R$</FONT></U></B></P></TD></TR></TABLE></DIV>

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<DIV>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 3.5pt" width="21%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="33%" colSpan=3 noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Consolidated</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%" colSpan=3 noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Parent Company</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 3.5pt" width="21%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2015</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,181,503</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>13%</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,317,566</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>15%</FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 3.5pt" width="21%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2016</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,210,020</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>13%</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,940,993</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>14%</FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 3.5pt" width="21%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2017</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,628,773</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>14%</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,307,440</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>15%</FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 3.5pt" width="21%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2018</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,997,706</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>16%</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,554,040</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>17%</FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 3.5pt" width="21%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2019</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,813,514</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>15%</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,913,417</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>14%</FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 3.5pt" width="21%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>After 2019</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5,015,458</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>19%</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5,432,811</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>25%</FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 3.5pt" width="21%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Perpetual bonds</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,342,600</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10%</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 3.5pt" width="21%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.95pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>25,189,574</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.95pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>100%</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.95pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>21,466,267</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 12.95pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: white; BORDER-BOTTOM: #000000 3px double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>100%</FONT></B></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid" width="21%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" noWrap>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR></TABLE></DIV></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt"><FONT style="DISPLAY: none"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Calibri>9</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>



<P>&nbsp;
<A name=page_10></A></P>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD width="100%" align=right>
   <IMG border=0 src="logo.gif">&nbsp;</TD></TR></TABLE>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid" width="100%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 10pt 0pt; TEXT-INDENT: 0in" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>Amortization and raising of loans, borrowings and debentures </FONT></B></P>

   <P></P>

   <P></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Calibri,sans-serif>The table below shows the amortization and funding during current year:</FONT></P></TD></TR></TABLE>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 3.5pt" width="28%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Consolidated</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="32%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Parent Company</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 3.5pt" width="28%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2013</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2012</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2013</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 12.75pt; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2012</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 3.5pt" width="28%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Opening balance</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>29,304,704</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>26,973,247</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>24,139,992</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>23,335,636</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 3.5pt" width="28%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Funding</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,697,363</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,520,263</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,363,253</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,712,471</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 3.5pt" width="28%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Amortization</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(4,300,240)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(4,876,453)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(3,991,884)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(4,713,335)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 3.5pt" width="28%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Loss of control over Trasnordestina</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(3,180,821)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 3.5pt" width="28%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Other (*)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,225,424</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,687,647</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,737,993</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,805,220</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 3.5pt" width="28%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Closing balance</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.75pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>27,746,430</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.75pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>29,304,704</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.75pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>25,249,354</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 12.75pt; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>24,139,992</FONT></B></P></TD></TR></TABLE>

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   <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid" width="100%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: #4f81bd 1pt solid; PADDING-BOTTOM: 4pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 10pt 0pt; TEXT-INDENT: 0in" align=left><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Calibri,sans-serif>(*) Including unrealized foreign currency and monetary variations.</FONT></P>

   <P></P>

   <P></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>In December 31, 2013, the Company fully redeemed the Guaranteed Bonds issued in 2003, through its wholly-owned subsidiary CSN Islands VIII Corp., collateralized by CSN at an annual rate of 9.75% the amount of US$550 million (R$1,270,775) if principal and US$27 million (R$62,295) of interest rate.</FONT></P>

   <P></P>

   <P></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>The Company's loans and credit facility agreements provides for restrictive covenants, usual in agreements of this nature, which were fully met as at December 31, 2014.</FONT></P>

   <P></P>

   <P></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Debentures</FONT></B></P>

   <P></P>

   <P></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>i. Companhia Sider&#250;rgica Nacional</FONT></B></P>

   <P></P>

   <P></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>6<SUP>th</SUP> issue </FONT></B></P>

   <P></P>

   <P></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>In September 2012, the Company issued 156,500 non-convertible and unsecured debentures, 106,500 of 1<SUP>st</SUP> series debentures and 50,000 of 2<SUP>nd</SUP> series debentures, at the unit face value of R$10 totaling R$1,565,000 with compensatory annual interest of 1<SUP>st</SUP> series at 105.80% p.a. of CDI Cetip and of 2<SUP>nd</SUP> series at 106.00% p.a. to mature in March and September 2015, both with the option of early redemption</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=arial,sans-serif>.</FONT></P>

   <P></P>

   <P></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Collaterals</FONT></B></P>

   <P></P>

   <P></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>Collaterals granted due to loans are composed of property, plant and equipment, &#8220;aval&#8221; collaterals and sureties and do not encompass collaterals granted to subsidiaries and jointly-owned subsidiaries. On December 31, 2013 collaterals totaled R$4,234 (R$12,233 on December 31, 2012 ).</FONT></P>

   <P></P>

   <P></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>&nbsp;(ii) other long-term relationship with financial institutions; </FONT></B></P></DIV></TD></TR></TABLE></DIV>

<P></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt"><FONT style="DISPLAY: none"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif></FONT></FONT>&nbsp;</P></DIV>

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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Calibri>10</FONT></P>

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   <IMG border=0 src="logo.gif">&nbsp;</TD></TR></TABLE>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



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   <TD style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid" width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>&nbsp;<FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>Not applicable.</FONT></FONT></B></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>(</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>iii) subordination level between debts; </FONT></B></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>Considering the Company's total current and non-current liabilities, the amount of R$44,013.198 thousand or 99.96% corresponded to unsecured obligations on December 31, 2014, compared to R$42,313,002 thousand or 99.95% on December 31, 2013 and R$ 42,403,159 thousand or 95.77% on December, 31, 2012 (and the unsecured obligations comprise: (i) provisions for tax, social security, labor or civil claims; (ii) installment payments, debts without security interest and debts with personal guarantee.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>There is no contractual subordination level between the Company&#8217;s unsecured financial indebtedness. The unsecured obligations are subject (observing the priority granted by laws to the labor and tax liabilities, in the event of composition with creditors) to preference of Company&#8217;s debts which rely on security interest, and they totaled, on December 31, 2014, R$18,928 thousand or 0.04% of the sum of the Company&#8217;s current and non-current liabilities, compared to the amount of R$20,478 or 0.05% on December 31, 2012 and R$1,872,597 thousand or 4.23% on December 31, 2012 (for the purposes of this comparison, the debts collateralized with third parties assets, including the Company&#8217;s subsidiaries for the fiscal years ended in 2013 and 2012 were reclassified as unsecured debts, likewise in 2013, pursuant to the Official Letter &#8211; Circular Letter/CVM/SEP/No. 01/2014). The security interest created comprise the pledge and the fiduciary sale of machinery and equipment.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>The labor and tax liabilities, as well as the financial debts with security interest, rely on the preferences and prerogatives provided for by laws, in an eventual composition with creditors of the Company.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>(iv) any restrictions imposed to the Company, especially, in relation to indebtedness thresholds and contracting of new debts, distribution of dividends, sale of assets, issue of new securities and disposal of share control.</FONT></B></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>The Company's loans and credit facility agreements provides for restrictive covenants, usual in agreements of this nature, as exemplified as follows:</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>Credit facility agreements with BNDES are subject to the &#8220;Provisions Applicable to BNDES Agreements&#8221;. According to referred provisions, the borrowers, such as the Company, cannot, without the previous consent of BNDES: (i) assume new debts (except for those provided in referred Provisions); (ii) grant preference to other credits; (iii) amortize shares; (iv) issue debentures or profit-sharing bonds; and (vi) sell or encumber its fixed assets (except in the cases provided for in referred Provisions).</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>Under the terms of the 5<SUP>th</SUP>, 6<SUP>th</SUP>, 7<SUP>th</SUP> and 8<SUP>th</SUP> issue of the Company&#8217;s Debentures, among other provisions, the Company cannot be incorporated, incorporated or spun off, except if the operation has been previously approved by, at least, 75% of outstanding debentures (except for the intragroup operations, expressly provided for in the debentures indenture), or if the redemption of debentures is ensured to the holders, by its face value plus remuneration, during, at least, 6 months as of the publication of the minutes of the Shareholders&#8217; Meeting referring to this operation.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>The Eurobonds issued by the Company&#8217;s foreign subsidiaries, among other provisions, foresee that the Company, as guarantor, cannot: (i) be incorporated, incorporated or sell 100% or a substantial amount of its assets to third parties, except if the Company is an entity resulting from this corporate restructuring or if this entity is a company headquartered in Brazil, in any country of the European Union or in the United States, and assumes guarantor&#8217;s obligations; (ii) burden its assets to collateralize debt operations denominated in foreign currency represented by securities traded at the stock exchanges outside Brazil, except under the terms allowed in the operation agreements, or if, at the same time, the Company collaterals referred Eurobonds.</FONT></P>

   <P style="MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>In Export Credit Notes operations, the Company undertakes to: (i) not distribute non-recurring dividends deriving from the sale of direct or indirect control of operating assets to third parties (not pertaining to the economic group to which the Company pertains) to result, cumulatively: (a) in the Company&#8217;s incapacity to exercise the direct or indirect control over all or substantial amount of its assets and revenues; and (b) significantly restricts the Company&#8217;s capacity to comply with its obligations provided for in the Export Credit Note; (ii) not carry out spin-offs and/or sale of the Company&#8217;s assets to third parties (not composing the economic group to which the Company pertains) whether by means of a single operation or by means of a series of inter-related operations within same fiscal year, whose net revenues and operating income (EBIT) account for more than 10% of net revenues and consolidated operating results of the Company&#8217;s group, as verified in the financial statements for the year in which referred operation was carried out, without the lender&#8217;s previous and express authorization; and (iii) in the case of corporate changes in the issuer related to incorporation, spin-off, liquidation, winding-up, incorporation or any other type of corporate restructuring, request prior approval from the Creditor, unless indirect share control of the issuer (as defined in article 116 of Law 6.404/76) is retained by any &#8220;authorized shareholder&#8221; as defined in the operation documents. We clarify there is no restriction to any corporate restructuring and/or activities involving the transfer of mining assets between the Company and and its subsidiaries, including Nacional Min&#233;rios S.A. and/or its current controlling shareholders, provided that these operating assets remain under the direct or indirect control of the Company.</FONT></FONT></P></TD></TR></TABLE></FONT></B></P>

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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Calibri>11</FONT></P>

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<TR style="HEIGHT: 11pt">

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   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 6pt 28.15pt; LINE-HEIGHT: normal; TEXT-INDENT: -26.5pt"><B><I><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>g) thresholds for the utilization of financing already contracted</FONT></I></B><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif> </FONT></B></P></TD></TR>

<TR style="HEIGHT: 19.45pt">

   <TD style="HEIGHT: 19.45pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Of the financing that has been arranged, a total of R$3,418,859,460 has been released, while the sum of R$1,600,540,540 is available for withdrawal with FDNE and FINOR: </FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 6pt 1.65pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>This amount corresponds to the thresholds for the utilization of financing contracted by Transnordestina Log&#237;stica S.A.</FONT></P></TD></TR>

<TR style="HEIGHT: 11pt">

   <TD style="HEIGHT: 11pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: silver; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><I><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>h) relevant changes in each item of the financial statements</FONT></I></B></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><U><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>The Company&#8217;s (consolidated) Income Statement for the fiscal year &#8211; R$ thousands: </FONT></U></B></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Comparison of the main consolidated income accounts for December 31, 2014, December 31, 2013 and December 31, 2012 drawn up in accordance with the IFRS and the CPCs.</FONT></P></TD></TR></TABLE>

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<TR>

   <TD style="BORDER-LEFT: #000000 1px solid" width="57%">&nbsp;</TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="14%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid" bgColor=#c0c0c0 width="57%" align=left><B><FONT style="FONT-SIZE: 10pt" face=Calibri-Bold,Arial,Helvetica,sans-serif>Consolidated Statement of Income (R$ thousand)</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 5.639pt" bgColor=#c0c0c0 width="14%" align=center><B><FONT style="FONT-SIZE: 10pt" face=Calibri-Bold,Arial,Helvetica,sans-serif>2014</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 5.639pt" bgColor=#c0c0c0 width="14%" align=center><B><FONT style="FONT-SIZE: 10pt" face=Calibri-Bold,Arial,Helvetica,sans-serif>2013</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid; TEXT-INDENT: 5.64pt" bgColor=#c0c0c0 width="14%" align=center><B><FONT style="FONT-SIZE: 10pt" face=Calibri-Bold,Arial,Helvetica,sans-serif>2012</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid" bgColor=#003366 width="57%" align=left><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>Sales revenue from goods and/or services</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#003366 width="14%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>16,126,232</FONT></B></TD>

   <TD bgColor=#003366 width="14%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>17,312,432</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" bgColor=#003366 width="14%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>15,228,589</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid" width="57%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>Cost of goods sold a nd/or s ervices rendered</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>(11,592,382)</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>(12,422,706)</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="14%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>(11,258,667<FONT style="FONT-SIZE: 10pt" face=Calibri>)</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid" bgColor=#003366 width="57%" align=left><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>Gross profit</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#003366 width="14%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>4,533,850</FONT></B></TD>

   <TD bgColor=#003366 width="14%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>4,889,726</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" bgColor=#003366 width="14%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>3,969,922</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid" bgColor=#003366 width="57%" align=left><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>Operating income/expenses</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#003366 width="14%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>(1,715,837)</FONT></B></TD>

   <TD bgColor=#003366 width="14%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>(1,769,972)</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" bgColor=#003366 width="14%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>(3,251,353)</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 10.559pt" width="57%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>Selling expenses</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="14%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>(1,041,975)</FONT></TD>

   <TD width="14%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>(874,875)</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="14%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>(773,488)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 10.559pt" width="57%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>General and administrative expenses</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="14%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>(438,383)</FONT></TD>

   <TD width="14%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>(485,090)</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="14%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>(467,920)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 10.559pt" width="57%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>Other operating i ncome/(expenses)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="14%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>(566,639)</FONT></TD>

   <TD width="14%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>(568,145)</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="14%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>(2,651,381)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 10.559pt" width="57%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>Equity in the earnings of subsidiaries</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="14%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>331,160)</FONT></TD>

   <TD width="14%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>158,138</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="14%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>641,436</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid" bgColor=#003366 width="57%" align=left><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>Earnings before financial income and taxes</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#003366 width="14%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>2,818,013</FONT></B></TD>

   <TD bgColor=#003366 width="14%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>3,119,754</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" bgColor=#003366 width="14%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>718,569</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 10.559pt" width="57%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>Financial income/(expenses)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="14%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>(2,932,426)</FONT></TD>

   <TD width="14%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>(2,567,756)</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="14%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>(2,155,841)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 10.559pt" width="57%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>Net exchange variation of financial instruments</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>(149,007)</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>56,157</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="14%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>4,490</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid" bgColor=#003366 width="57%" align=left><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>Earnings before tax on income</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#003366 width="14%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>(263,420)</FONT></B></TD>

   <TD bgColor=#003366 width="14%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>608,155</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" bgColor=#003366 width="14%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>(1,432,782)</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 10.559pt" width="57%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>Income tax and social contribution on income</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="14%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>151,153</FONT></TD>

   <TD width="14%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>(74,161)</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="14%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>952,208</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid" bgColor=#003366 width="57%" align=left><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>Consolidated net income (loss) for the period</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#003366 width="14%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>(112,267)</FONT></B></TD>

   <TD bgColor=#003366 width="14%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>533,994</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" bgColor=#003366 width="14%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>(480,574)</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 10.559pt" width="57%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>Attributed to controlling shareholders</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="14%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>(105,218)</FONT></TD>

   <TD width="14%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>509,025</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="14%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>(420,113)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 10.559pt" width="57%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>Attributed to non-controlling interest</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="14%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>(7,049)</FONT></TD>

   <TD width="14%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>24,969</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="14%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>(60,461)</FONT></TD></TR></TABLE>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-BOTTOM: medium none; MARGIN-LEFT: 0pt; BORDER-LEFT: medium none" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 19.45pt">

   <TD style="HEIGHT: 19.45pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: left; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><U><FONT style="FONT-SIZE: 10pt" face=calibri,sans-serif>Comparison of results referring to the fiscal years ended December 31, 2014 and December 31, 2013</FONT></U></B><B><U><FONT style="FONT-SIZE: 12pt" face=calibri,sans-serif>:</FONT></U></B></P>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><U><FONT style="FONT-SIZE: 12pt; FONT-WEIGHT: normal" face=calibri,sans-serif>N</FONT></U><U><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face=calibri,sans-serif>et revenue from sales and/or services</FONT></U></H1>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>In the 2014 fiscal year net revenue amounted to R$16,126 million, 7% lower than the comparable figure registered in 2013, mainly on account of the lower revenues from the steel and mining sectors.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><U><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Cost of products and services sold</FONT></U></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>In 2014, the consolidated cost of products sold (&#8220;CPV&#8221;) totaled R$11,592 million, 7% less than the comparable figure for the previous year, basically due to the lower volume of sales posted by the steel segment and the lower costs of raw materials used in steel production.</FONT></FONT></P>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><U><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face=calibri,sans-serif>Gross profit</FONT></U></H1>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Gross profit totaled R$4,534 million in 2014, 7% less than the figure recorded in 2013, due to the factors described above.</FONT></P>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><U><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Selling, general and administrative expenses</FONT></U></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>In 2014, sales, general and administrative expenses came to a total of R$1,480 million which was 9% greater than the comparable figure recorded in 2013. This variation was largely due to an increase in selling expenses, which rose from R$875 million in 2013 to R$1,042 million in 2014, as a result of the increase in iron ore sales on CIF (cost, insurance and freight) terms. </FONT></FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Calibri>12</FONT></P>

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   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 19.45pt; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><U><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Other Operating Income/Expenses</FONT></U></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>In 2014 &#8220;Other Operating Expenses/Revenues&#8221; amounted to R$567 million, which was in line with the amount registered in 2013, which totaled R$568 million.</FONT></FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><U><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Equity Pick-Up</FONT></U></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>In 2014, equity pick-up increased by R$173 million, or 109%, from R$158 million in 2013 to R$331 million in 2014. This variation was mainly due to the R$534 million negative effect, in 2013, of the joint subsidiary Namisa signing up for the fiscal recovery program (REFIS).</FONT></FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><U><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Net Financial Result</FONT></U></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>In 2014, the Company&#8217;s net financial result was minus R$3,081 million, against the R$2,512 million negative net financial result registered in 2013, basically due to:</FONT></FONT></P>

   <UL style="MARGIN-BOTTOM: 0in; MARGIN-TOP: 0in" type=disc>

   <LI style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt" face=Calibri,sans-serif>a R$364 million increase in financial expenses, which rose from R$2,568 million in 2013 to R$2,932 million in 2014, largely due to the following factors: a R$549 million increase in expenses for loans and financing, which was partially offset by a R$225 million reduction in 2014 by comparison with the previous year, mainly on account of the R$277 million net negative effect in 2013 of debits related to Refis.</FONT>

   <LI style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt" face=Calibri,sans-serif>a R$205 million increase in net costs of foreign exchange and monetary variation, which went from a R$56 million revenue in 2013, to a R$149 million expense in 2014, largely due to currency devaluation. </FONT></FONT></LI></UL>

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><U><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Provision for Deferred Income Tax and Social Contribution</FONT></U></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>In 2014 the Company recorded R$151 million revenue from deferred income tax and social contribution, by comparison with a R$74 million expense in 2013. </FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><U><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Consolidated Net Income</FONT></U></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>In 2014, the Company posted a consolidated net loss of R$112 million, largely on account of the smaller operating result, whereas in 2013 the Company recorded a net profit of R$534 million.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 10pt; TEXT-DECORATION: none; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT></B>&nbsp;</P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><U><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Comparison of results referring to the fiscal years ended December 31, 2013 and December 31, 2012: </FONT></U></B></P>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><U><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face=calibri,sans-serif>Sales and/or services</FONT></U></H1>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>In 2013, the consolidated net revenue totaled R$17,312 million, 14% up on 2012, mainly due to higher revenue from steel and mining sectors.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><U><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Cost of products and services sold</FONT></U></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>In 2013, the consolidated cost of products sold totaled R$12,423 million, 10% up on 2012, basically due to higher volume sold by the steel segment and increased production costs of steel segment. </FONT></FONT></P>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><U><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face=calibri,sans-serif>Gross profit</FONT></U></H1>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 11pt"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>The gross profit totaled R$4,890 million in 2013, 23% up on 2012, due to the factors mentioned above.</FONT></P>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><U><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Selling, general and administrative expenses</FONT></U></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>In 2013, selling, general and administrative expenses of R$1,360 million were 10% up on 2012, due to a greater sales effort.</FONT></FONT></P></TD></TR></TABLE></DIV>

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   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 19.45pt; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><U><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Other Operating Income/Expenses</FONT></U></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>In 2013, &#8220;Other Operating Income/Expenses&#8221; totaled R$568 million, a 79% drop over the previous year, chiefly due to the non-recurring effect in 2012 of reclassification of accumulated investment losses in shares recorded as available for sale.</FONT></FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><U><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Equity Pick-Up</FONT></U></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>In 2013, the equity pick-up was positive at R$158 million compared to a positive result of R$641 million in 2012. This reduction was basically due to the adhesion of its jointly-controlled entity Namisa to the tax recovery program (REFIS) in 2013.</FONT></FONT><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif> </FONT></FONT></P>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><U><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face=calibri,sans-serif>Net Financial Result</FONT></U></H1>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>In 2013, the Company&#8217;s net financial result was negative at R$2,512 million compared to a negative net financial result in 2012 of R$2,151 million, basically due to:</FONT></FONT></P>

   <UL style="MARGIN-BOTTOM: 0in; MARGIN-TOP: 0in" type=disc>

   <LI style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt" face=Calibri,sans-serif>R$220 million decrease in financial income, from R$392 million in 2012 to R$172 million in 2013, mainly due to R$52 million decrease in earnings from financial investments and due to the non-recurring effect of R$115 million in 2012;</FONT>

   <LI style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt" face=Calibri,sans-serif>R$192 million increase in financial expenses, from R$2,548 million in 2012 to R$2,740 million, chiefly due to the R$277 million effect due to the Company&#8217;s adhesion to the tax recovery program (REFIS) in 2013.</FONT></FONT> </LI></UL>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><U><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face=calibri,sans-serif>Provision for Deferred Income Tax and Social Contribution</FONT></U></H1>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>In 2013, the Company recorded deferred income tax and social contribution expense of R$74 million, compared to deferred income tax and social contribution income of R$952 million in 2012. </FONT></P>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><U><FONT style="FONT-SIZE: 10pt" face=Calibri,sans-serif>Consolidated Net Income</FONT></U></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>In 2013, CSN recorded a consolidated net income of R$534 million, a R$1.0 billion increase compared to the previous year, due to higher gross profit and the aforementioned non-recurring effects.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="FONT-SIZE: 10pt; TEXT-DECORATION: none; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT></B></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><U><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Balance Sheet of the Company (consolidated) &#8211; R$ thousand:</FONT></U></B></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Comparison of main consolidated balance sheet accounts as of December 31, 2014, December 31, 2013 and December 31, 2012 prepared under the IFRS and CPCs.</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Calibri>14</FONT></P>

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   <TD style="BORDER-LEFT: #000000 1px solid" bgColor=#969696 width="29%" align=left><B><FONT style="FONT-SIZE: 10pt" face=Calibri-Bold,Arial,Helvetica,sans-serif>Balance Sheet (Consolidated)</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 3.839pt" bgColor=#969696 width="8%" align=center><B><FONT style="FONT-SIZE: 10pt" face=Calibri-Bold,Arial,Helvetica,sans-serif>2014</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#969696 width="8%" colSpan=2 align=center><B><FONT style="FONT-SIZE: 10pt" face=Calibri-Bold,Arial,Helvetica,sans-serif>AV&#185;</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 3pt" bgColor=#969696 width="8%" colSpan=2 align=center><B><FONT style="FONT-SIZE: 10pt" face=Calibri-Bold,Arial,Helvetica,sans-serif>AH&#178;</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 3.959pt" bgColor=#969696 width="8%" colSpan=2 align=center><B><FONT style="FONT-SIZE: 10pt" face=Calibri-Bold,Arial,Helvetica,sans-serif>2013</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

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   <TD style="TEXT-INDENT: 3.96pt" bgColor=#969696 width="7%" align=center><B><FONT style="FONT-SIZE: 10pt" face=Calibri-Bold,Arial,Helvetica,sans-serif>2012</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#969696 width="8%" colSpan=2 align=center><B><FONT style="FONT-SIZE: 10pt" face=Calibri-Bold,Arial,Helvetica,sans-serif>AV&#185;</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

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   <TD bgColor=#003366 width="7%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp; </FONT></TD>

   <TD bgColor=#003366 width="1%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp; </FONT></TD>

   <TD bgColor=#003366 width="7%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp; </FONT></TD>

   <TD bgColor=#003366 width="1%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp; </FONT></TD>

   <TD bgColor=#003366 width="7%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp; </FONT></TD>

   <TD bgColor=#003366 width="1%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp; </FONT></TD>

   <TD bgColor=#003366 width="7%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp; </FONT></TD>

   <TD bgColor=#003366 width="7%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp; </FONT></TD>

   <TD bgColor=#003366 width="1%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp; </FONT></TD>

   <TD bgColor=#003366 width="7%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp; </FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" bgColor=#003366 width="1%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp; </FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid" bgColor=#003366 width="29%" align=left><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>Current assets</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#003366 width="8%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>15,935,502</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#003366 width="7%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>32.0</FONT></B></TD>

   <TD bgColor=#003366 width="1%" align=left><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>%</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#003366 width="7%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>-2.8</FONT></B></TD>

   <TD bgColor=#003366 width="1%" align=left><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>%</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#003366 width="7%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>16,402,042</FONT></B></TD>

   <TD bgColor=#003366 width="1%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp; </FONT></TD>

   <TD bgColor=#003366 width="7%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>32.5</FONT></B></TD>

   <TD bgColor=#003366 width="1%" align=left><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>%</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#003366 width="7%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>-14.1</FONT></B></TD>

   <TD bgColor=#003366 width="1%" align=left><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>%</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#003366 width="7%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>19,098,586</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#003366 width="7%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>35.8</FONT></B></TD>

   <TD bgColor=#003366 width="1%" align=left><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>%</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#003366 width="7%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>-13.0</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" bgColor=#003366 width="1%" align=left><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>%</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 6.959pt" width="29%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>Cash a nd cash equivalents</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>8,686,021</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>17.5</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>-13.1</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>9,995,672</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp; </FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>19.8</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>-15.9</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>11,891,821</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>22.3</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>-22.9</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 6.959pt" width="29%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>Trade accounts receivable</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>1,753,056</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>3.5</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>-30.5</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>2,522,465</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp; </FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>5.0</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>-5.2</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>2,661,417</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>5.0</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>64.7</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 6.959pt" width="29%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>Inventory</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>4,122,122</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>8.3</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>30.4</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>3,160,985</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp; </FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>6.3</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>-6.8</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>3,393,193</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>6.4</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>-9.2</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 6.959pt" width="29%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>Other current assets</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>1,374,303</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>2.8</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>90.1</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>722,920</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp; </FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>1.4</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>-37.3</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>1,152,155</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>2.2</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>-2.0</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid" width="100%" colSpan=17><FONT style="FONT-SIZE: 10pt">&nbsp; </FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid" bgColor=#003366 width="29%" align=left><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>Non-current assets</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#003366 width="8%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>33,831,598</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#003366 width="7%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>68.0</FONT></B></TD>

   <TD bgColor=#003366 width="1%" align=left><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>%</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#003366 width="7%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>-0.5</FONT></B></TD>

   <TD bgColor=#003366 width="1%" align=left><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>%</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#003366 width="7%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>34,000,497</FONT></B></TD>

   <TD bgColor=#003366 width="1%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp; </FONT></TD>

   <TD bgColor=#003366 width="7%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>67.5</FONT></B></TD>

   <TD bgColor=#003366 width="1%" align=left><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>%</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#003366 width="7%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>-0.5</FONT></B></TD>

   <TD bgColor=#003366 width="1%" align=left><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>%</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#003366 width="7%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>34,184,683</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#003366 width="7%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>64.2</FONT></B></TD>

   <TD bgColor=#003366 width="1%" align=left><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>%</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#003366 width="7%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>37.1</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" bgColor=#003366 width="1%" align=left><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>%</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 6.959pt" width="29%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>Financial investments valued at amortized cost</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>34,874</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>0.1</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>13.4</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>30,756</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp; </FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>0.1</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>-73.7</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>116,753</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>0.2</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>-16.4</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 6.959pt" width="29%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>Deferred taxes</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>2,616,058</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>5.3</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>-5.6</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>2,770,527</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp; </FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>5.5</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>27.3</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>2,177,079</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>4.1</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>18.3</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 6.959pt" width="29%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>Other non-current assets</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>947,420</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>1.9</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>-48.4</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>1,835,325</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp; </FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>3.6</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>12.8</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>1,627,139</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>3.1</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>-41.1</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 6.959pt" width="29%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>Investments</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>13,665,453</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>27.5</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>1.3</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>13,487,023</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp; </FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>26.8</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>24.4</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>10,839,787</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>20.3</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>419.1</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 6.959pt" width="29%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>Property, plant and equipment</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>15,624,140</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>31.4</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>4.8</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>14,911,426</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp; </FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>29.6</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>-19.5</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>18,519,064</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>34.8</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>6.6</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 6.959pt" width="29%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>Intangible a ssets</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>943,653</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>1.9</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>-2.3</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>965,440</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp; </FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>1.9</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>6.7</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>904,861</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>1.7</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>50.0</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid" width="100%" colSpan=17><FONT style="FONT-SIZE: 10pt">&nbsp; </FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid" bgColor=#003366 width="29%" align=left><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>TOTAL ASSETS</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#003366 width="8%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>49,767,100</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#003366 width="7%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>100.0</FONT></B></TD>

   <TD bgColor=#003366 width="1%" align=left><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>%</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#003366 width="7%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>-1.3</FONT></B></TD>

   <TD bgColor=#003366 width="1%" align=left><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>%</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#003366 width="7%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>50,402,539</FONT></B></TD>

   <TD bgColor=#003366 width="1%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp; </FONT></TD>

   <TD bgColor=#003366 width="7%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>100</FONT></B></TD>

   <TD bgColor=#003366 width="1%" align=left><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>%</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#003366 width="7%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>-5.4</FONT></B></TD>

   <TD bgColor=#003366 width="1%" align=left><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>%</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#003366 width="7%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>53,283,269</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#003366 width="7%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>100</FONT></B></TD>

   <TD bgColor=#003366 width="1%" align=left><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>%</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#003366 width="7%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>13.7</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" bgColor=#003366 width="1%" align=left><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>%</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BACKGROUND-COLOR: #ffffff" width="100%" colSpan=17><FONT style="FONT-SIZE: 10pt">&nbsp; </FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid" bgColor=#003366 width="29%" align=left><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>Current liabilities</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#003366 width="8%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>6,362,938</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#003366 width="7%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>12.8</FONT></B></TD>

   <TD bgColor=#003366 width="1%" align=left><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>%</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#003366 width="7%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>14.4</FONT></B></TD>

   <TD bgColor=#003366 width="1%" align=left><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>%</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#003366 width="7%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>5,564,230</FONT></B></TD>

   <TD bgColor=#003366 width="1%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp; </FONT></TD>

   <TD bgColor=#003366 width="7%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>11.0</FONT></B></TD>

   <TD bgColor=#003366 width="1%" align=left><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>%</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#003366 width="7%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>-15.1</FONT></B></TD>

   <TD bgColor=#003366 width="1%" align=left><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>%</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#003366 width="7%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>6,550,899</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#003366 width="7%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>12.3</FONT></B></TD>

   <TD bgColor=#003366 width="1%" align=left><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>%</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#003366 width="7%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>0.8</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" bgColor=#003366 width="1%" align=left><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>%</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 6.959pt" width="29%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>Payroll a nd l abor l iabilities</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>219,740</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>0.4</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>5.2</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>208,921</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp; </FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>0.4</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>13.0</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>184,963</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>0.3</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>-8.6</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 6.959pt" width="29%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>Trade accounts payable</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>1,638,505</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>3.3</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>48.7</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>1,102,037</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp; </FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>2.2</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>-45.6</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>2,025,461</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>3.8</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>64.4</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 6.959pt" width="29%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>Taxes payable</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>318,675</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>0.6</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>4.8</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>304,095</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp; </FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>0.6</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>11.5</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>272,766</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>0.5</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>-16.1</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 6.959pt" width="29%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>Loans and borrowings</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>2,790,524</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>5.6</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>5.6</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>2,642,807</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp; </FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>5.2</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>21.8</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>2,169,122</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>4.1</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>-19.7</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 6.959pt" width="29%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>Provisions for tax, social s ecurity, l abor a nd civil claims</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>550,385</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>1.1</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>65.0</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>333,519</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp; </FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>0.7</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>5.4</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>316,547</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>0.6</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>3.2</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 6.959pt" width="29%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>Other liabilities</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>845,109</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>1.7</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>-13.1</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>972,851</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp; </FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>1.9</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>-38.5</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>1,582,040</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>3.0</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>-8.5</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid" width="100%" colSpan=17><FONT style="FONT-SIZE: 10pt">&nbsp; </FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid" bgColor=#003366 width="29%" align=left><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>Non-current liabilities</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#003366 width="8%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>37,669,187</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#003366 width="7%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>75.7</FONT></B></TD>

   <TD bgColor=#003366 width="1%" align=left><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>%</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#003366 width="7%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>2.4</FONT></B></TD>

   <TD bgColor=#003366 width="1%" align=left><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>%</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#003366 width="7%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>36,769,250</FONT></B></TD>

   <TD bgColor=#003366 width="1%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp; </FONT></TD>

   <TD bgColor=#003366 width="7%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>73.0</FONT></B></TD>

   <TD bgColor=#003366 width="1%" align=left><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>%</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#003366 width="7%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>-2.5</FONT></B></TD>

   <TD bgColor=#003366 width="1%" align=left><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>%</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#003366 width="7%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>37,724,857</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#003366 width="7%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>70.8</FONT></B></TD>

   <TD bgColor=#003366 width="1%" align=left><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>%</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#003366 width="7%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>18.1</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" bgColor=#003366 width="1%" align=left><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>%</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 6.959pt" width="29%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>Loans and borrowings</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>27,092,855</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>54.4</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>7.9</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>25,103,623</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp; </FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>49.8</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>-7.5</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>27,135,582</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>50.9</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>7.7</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 6.959pt" width="29%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>Deferred taxes</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>238,892</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>0.5</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>-11.1</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>268,833</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp; </FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>0.5</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>12.8</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>238,241</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>0.4</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>529.4</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 6.959pt" width="29%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>Other liabilities</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>9,315,363</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>18.7</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>-7.4</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>10,061,571</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp; </FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>20.0</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>11.7</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>9,009,049</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>16.9</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>61.1</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 6.959pt" width="29%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>Provisions for tax, social s ecurity, l abor a nd civil claims</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>195,783</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>0.4</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>-59.2</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>479,664</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp; </FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>1.0</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>29.0</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>371,697</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>0.7</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>7.3</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 6.959pt" width="29%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>Health a nd pension plan</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>587,755</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>1.2</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>21.2</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>485,105</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp; </FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>1.0</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>-14.2</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>565,591</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>1.1</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp; </FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="1%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp; </FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 6.959pt" width="29%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>Other provisions</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>238,539</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>0.5</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>-35.6</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>370,454</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp; </FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>0.7</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>-8.5</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>404,697</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>0.8</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>25.5</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid" width="100%" colSpan=17><FONT style="FONT-SIZE: 10pt">&nbsp; </FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid" bgColor=#003366 width="29%" align=left><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>Shareholders' equity</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#003366 width="8%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>5,734,975</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#003366 width="7%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>11.5</FONT></B></TD>

   <TD bgColor=#003366 width="1%" align=left><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>%</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#003366 width="7%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>-28.9</FONT></B></TD>

   <TD bgColor=#003366 width="1%" align=left><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>%</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#003366 width="7%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>8,069,059</FONT></B></TD>

   <TD bgColor=#003366 width="1%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp; </FONT></TD>

   <TD bgColor=#003366 width="7%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>16.0</FONT></B></TD>

   <TD bgColor=#003366 width="1%" align=left><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>%</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#003366 width="7%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>-10.4</FONT></B></TD>

   <TD bgColor=#003366 width="1%" align=left><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>%</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#003366 width="7%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>9,007,513</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#003366 width="7%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>16.9</FONT></B></TD>

   <TD bgColor=#003366 width="1%" align=left><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>%</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#003366 width="7%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>7.0</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" bgColor=#003366 width="1%" align=left><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>%</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 6.959pt" width="29%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>Paid-up capital</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>4,540,000</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>9.1</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>0.0</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>4,540,000</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp; </FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>9.0</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>0.0</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>4,540,000</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>8.5</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>170.1</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 6.959pt" width="29%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>Capital reserves</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>30</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>0.0</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>0.0</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>30</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp; </FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>0.0</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>0.0</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>30</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>0.0</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>0.0</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 6.959pt" width="29%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>Profit reserves</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>1,131,298</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>2.3</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>-60.2</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>2,839,568</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp; </FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>5.6</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>-23.1</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>3,690,543</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>6.9</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>-51.9</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 6.959pt" width="29%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>Other comprehensive income</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>25,140</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>0.1</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>-96.5</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>716,972</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp; </FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>1.4</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>85.6</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>386,324</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>0.7</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>-128.3</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 6.959pt" width="29%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>Non-controlling interest</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>38,507</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>0.1</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>-240.0</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>(27,511</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>)</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>-0.1</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>-107.0</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>390,616</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>0.7</FONT></TD>

   <TD width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="7%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>-9.4</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="1%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>%</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003366 width="29%" align=left><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#003366 width="8%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>49,767,100</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#003366 width="7%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>100.0</FONT></B></TD>

   <TD bgColor=#003366 width="1%" align=left><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>%</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#003366 width="7%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>-1.3</FONT></B></TD>

   <TD bgColor=#003366 width="1%" align=left><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>%</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#003366 width="7%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>50,402,539</FONT></B></TD>

   <TD bgColor=#003366 width="1%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp; </FONT></TD>

   <TD bgColor=#003366 width="7%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>100</FONT></B></TD>

   <TD bgColor=#003366 width="1%" align=left><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>%</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#003366 width="7%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>-5.4</FONT></B></TD>

   <TD bgColor=#003366 width="1%" align=left><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>%</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#003366 width="7%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>53,283,269</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#003366 width="7%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>100</FONT></B></TD>

   <TD bgColor=#003366 width="1%" align=left><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>%</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD bgColor=#003366 width="7%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>13.7</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" bgColor=#003366 width="1%" align=left><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>%</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR></TABLE>

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   <TD style="HEIGHT: 19.45pt; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><U><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>C</FONT></U></B><B><U><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>omparison between the balance sheets as of December 31, 2013 and December 31, 2014 </FONT></U></B></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Cash and cash equivalents: consisting mainly of financial investments in public and private securities along with investments in top-tier banks. The balance in terms of cash and cash equivalents as at December 31, 2014 was R$8,686 million, which is 13% less than the R$9,995 million registered on December 31, 2013. This decrease is largely due to the reduction in the funds of the company&#8217;s overseas subsidiaries invested in Time Deposits.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Trade accounts receivable: On December 31, 2014, trade accounts receivable totaled R$1,753 million, 31% lower than in 2013. This variation is mainly a result of the reversal of R$484 million of dividends from the jointly controlled subsidiary Namisa. </FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Inventories: On December 31, 2014, CSN&#8217;s inventories totaled R$4,122 million, a 30% increase in relation to December 31, 2013, due to the fact that inventory turnover registered a 41-day increase, mainly on account of the reduction in steel sales.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Other current assets: A 90% increase, from R$723 million on December 31, 2013 to R$1,374 million on December 31, 2014, R$651 million greater than the amount recorded during the same period the previous year, mainly explained by the increase of:</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: normal; TEXT-INDENT: -0.25in"><FONT style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" face=Calibri,sans-serif>R$118 million for PIS/COFINS and ICMS on the purchase of fixed assets, which will be recovered for a period of up to 48 months, and recoverable income and social contribution taxes.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: normal; TEXT-INDENT: -0.25in"><FONT style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" face=Calibri,sans-serif>R$165 million of derivative financial instruments during the period.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: normal; TEXT-INDENT: -0.25in"><FONT style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" face=Calibri,sans-serif>R$370 million of loans to related parties, mainly due to their reclassification from non-current assets to current assets.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="FONT-SIZE: 10pt; TEXT-DECORATION: none; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT></B></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Calibri>15</FONT></P>

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    <TD width="100%" align=right><IMG border=0 src="logo.gif">&nbsp;</TD></TR></TABLE>
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    <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 19.45pt; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal">&nbsp;<FONT style="LINE-HEIGHT: 115%"><B><U><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Non-current assets </FONT></U></B></FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Other non-current assets: A 48% decrease between
      2013 and 2014, from R$1,835 million in 2013 to R$947 million in 2014,
      which is mainly on account of the following changes:</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: normal; TEXT-INDENT: -0.25in"><FONT style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT><FONT style="FONT-SIZE: 10pt" face=Calibri,sans-serif>R$486 million
      of loans to related parties, mainly due to their reclassification from
      non-current assets to current assets.</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 6pt 0.5in; LINE-HEIGHT: normal; TEXT-INDENT: -0.25in"><FONT style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT><FONT style="FONT-SIZE: 10pt" face=Calibri,sans-serif>R$404 million
      of judicial deposits, mainly related to tax proceedings. </FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="FONT-SIZE: 10pt; TEXT-DECORATION: none; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT></B></FONT>&nbsp;</P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><U><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Liabilities </FONT></U></B></FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Suppliers: On December 31, 2014, the balance of
      suppliers was R$1,638 million, which is a 49% increase by comparison with
      December 31, 2013, mainly due to the variation in the average payment
      term, which increased from 6 days in 2013 to 27 days in 2014. </FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 10pt; TEXT-DECORATION: none; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT></B>&nbsp;</P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Loans, Borrowings and Debentures: the Company&#8217;s
      consolidated gross indebtedness totaled R$29,978 million, an 8% increase
      in relation to the R$27,863 million that was registered on December 31,
      2013, mainly due to amounts paid in advance to related parties of the
      parent company. </FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 10pt; TEXT-DECORATION: none; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT></B>&nbsp;</P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Pension plan and health insurance: the balance of
      R$588 million on December 31, 2014 basically refers to the post-employment
      health insurance.</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Provisions for environmental liabilities and
      deactivation decreased from R$370 million in 2013 to R$238 million in
      2014.</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Shareholders&#8217; equity: On December 31, 2014,
      shareholders&#8217; equity stood at R$5,735 million, which was R$2,334 million
      less than that recorded on December 31, 2013, mainly due to (i) the
      advance payment of the minimum compulsory dividend, in an amount of R$700
      million, to the revenue reserve account (ii) to the shares in treasury
      acquired for a total of R$909 million and (iii) a R$691 million decrease
      in Other Comprehensive Income mainly due to the cumulative loss of R$506
      million registered during the period.</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 10pt; TEXT-DECORATION: none; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT></B>&nbsp;</P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><U><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>C</FONT></U></B><B><U><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>omparison between the balance sheets as of
      December 31, 2013 and December 31, 2012 </FONT></U></B></P>
      <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><U><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Current Assets </FONT></U></B></FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Cash and cash equivalents: the balance of cash and
      cash equivalents was R$9,995 million, 16% down over R$11,892 million
      recorded on December 31, 2012, mainly composed of financial investments in
      government and private bonds and investments at first-tier banks. On
      December 31, 2013, the variation of cash balance of R$1,896 million is
      chiefly due to R$1,026 million increase in the cash used in financing
      activities and R$331 million in cash generation deriving from operating
      activities, partially offset with R$856 million decrease in investment
      activities, due to the deconsolidation of TLSA, as described in 2013 Cash
      Flows.</FONT></FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Trade accounts receivable: on December 31, 2013,
      trade accounts receivable totaled R$2,522 million, 5% down on 2012. This
      variation is chiefly due to dividends received from Namisa referring to
      2011 and reduction of receivable average term, from 32 days in 2012 to 30
      days in 2013.</FONT></FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Inventories: On December 31, 2013, CSN&#8217;s
      inventories totaled R$3,161 million, 7% down on December 31, 2012, due to
      better management of inventories, reducing the inventories average
      turnover from 78 days in 2012 to 64 days in 2013. </FONT></FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Other current assets: 37% decrease, from R$1,152
      million on December 31, 2012 to R$723 million on December 31, 2013, a
      R$429 million variation, chiefly due to the termination of escrow deposit
      with CSN Island VII which in December 2012 recorded the amount of R$426
      million. </FONT></FONT></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt"><FONT style="DISPLAY: none"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif></FONT></FONT>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Calibri>16</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_17></A>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

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    <TD width="100%" align=right><IMG border=0 src="logo.gif">&nbsp;</TD></TR></TABLE>
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<DIV align=left>
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  <TR style="HEIGHT: 19.45pt">
    <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 19.45pt; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><U><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Non-current assets </FONT></U></B></FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Deferred taxes: on December 31, 2013, the
      long-term deferred taxes totaled R$2,770 million, 27% up on 2012. This
      positive variation of R$593 million is chiefly due to an increase of
      deferred income tax and social contribution on tax losses generated in
      2013. </FONT></FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Investments: on December 31, 2013, the investments
      account was R$13,487 million, 24% up on the balance recorded on December
      31, 2012 of R$10,840 million, basically composed of investments in the
      jointly-controlled entities Namisa, MRS and CBSI, which previously were
      proportionally consolidated and now are recorded under the equity method.
      In addition, due to the partial spin-off of Transnordestina Log&#237;stica S/A
      on December 27, 2013 and the resulting effectiveness of a new
      shareholders&#8217; agreement, the Company no longer consolidates
      Transnordestina Log&#237;stica S/A and now record it by the equity method.
      </FONT></FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Property, plant and equipment: on December 31,
      2013, the balance of property, plant and equipment totaled R$14,911
      million, a 20% reduction, or R$3,608 million chiefly due to the
      deconsolidation of property, plant and equipment, mainly works in progress
      of the jointly-controlled entity Transnordestina Log&#237;stica S/A.
      </FONT></FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><U><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Liabilities </FONT></U></B></FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Trade accounts payable: on December 31, 2013, the
      balance of trade accounts payable was R$1,102 million, 46% down on
      December 31, 2012. In the period, the average term of trade accounts
      payable decreased from 62 days in 2012 to 26 days in 2013, mainly due to
      higher settlement of suppliers&#8217; invoices with the inauguration of the long
      steel plant by the end of 2013. </FONT></FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Loans, Borrowings and Debentures: the Company&#8217;s
      consolidated gross indebtedness totaled R$27,746 million, 5% down on
      R$29,305 million recorded on December 31, 2012. The main factors which
      influenced the decrease of net indebtedness in the period were:
      </FONT></FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>- Deconsolidation of Transnordestina Log&#237;stica
      S.A.&#8217;s debt in the amount of R$3,201 million, mostly composed of
      debentures; </FONT></FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>- Full redemption of Guaranteed Bonds issued in
      2003, by means of its wholly-owned subsidiary CSN Islands VIII Corp.,
      collateralized by CSN, at an annual rate of 9.75% in the amount of R$1,271
      million (principal) and R$62 million (interest rates);</FONT></FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>- Other effects which increased net indebtedness
      by R$309 million. </FONT></FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Pension plan and health insurance: the balance of
      R$485 million on December 31, 2013 basically refers to the post-employment
      health insurance, in the amount of R$474 million, and the decrease
      compared to December 31, 2012 is basically due to an increase of nominal
      discount rate. </FONT></FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Provisions for environmental liabilities and
      deactivation decreased from R$405 million in 2012 to R$370 million in
      2013.</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Shareholders&#8217; equity: on December 31, 2013, the
      shareholders&#8217; equity was R$8,069 million, a decrease of R$938 million
      compared to shareholders&#8217; equity on December 31, 2012, chiefly due to (i)
      the payment of R$800 million referring to the payment of dividends and
      interest on equity, (ii) R$400 million reduction referring to the
      non-controlling interest due to the loss of control and subsequent
      deconsolidation of Transnordestina Log&#237;stica S/A (iii) partially offset by
      comprehensive income of R$331 million.
</FONT></FONT></P></TD></TR></TABLE></DIV>
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<DIV align=left>&nbsp;</DIV></DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt"><FONT style="DISPLAY: none"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Calibri>17</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
<P>&nbsp; <A name=page_18></A></P>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD width="100%" align=right><IMG border=0 src="logo.gif">&nbsp;</TD></TR></TABLE>
<P>&nbsp;</P>
<TABLE style="WIDTH: 100%" cellSpacing=0 border=0>

  <TR>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid" width="59%">
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 6pt 1.65pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face=Calibri,sans-serif>Cash Flows</FONT></B></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 6pt 1.7pt; LINE-HEIGHT: normal; TEXT-INDENT: 21.25pt"><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face=Calibri,sans-serif>R$
      thousand</FONT></P></TD>
    <TD style="BORDER-TOP: #000000 1px solid" width="17%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" width="13%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="10%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid" bgColor=#c0c0c0 width="59%" align=left><B><FONT style="FONT-SIZE: 10pt" face=Calibri-Bold,Arial,Helvetica,sans-serif>Cash Flow</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 2.16pt" bgColor=#c0c0c0 width="17%" align=center><B><FONT style="FONT-SIZE: 10pt" face=Calibri-Bold,Arial,Helvetica,sans-serif>2014</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 4.92pt" bgColor=#c0c0c0 width="13%" align=center><B><FONT style="FONT-SIZE: 10pt" face=Calibri-Bold,Arial,Helvetica,sans-serif>2013</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 4.919pt" bgColor=#c0c0c0 width="10%" align=center><B><FONT style="FONT-SIZE: 10pt" face=Calibri-Bold,Arial,Helvetica,sans-serif>2012</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid" width="59%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>Net cash from operating
      activities</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" width="17%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>1,188,385</FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>2,198,079</FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>2,528,973</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid" width="59%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>Net cash used i n investment
      activities</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" width="17%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>(1,657,743)</FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>(2,245,806)</FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>(3,102,210)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid" width="59%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>Net cash from financing
      activities</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" width="17%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>(896,015)</FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>(1,881,419)</FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>(855,779)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid" width="59%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>Foreign exchange variation on cash
      and cash equivalents</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" width="17%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>55,722</FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>32,997</FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>(119,853)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid" bgColor=#003366 width="59%" align=left><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>Increase
      (decrease) in cash and cash equivalents</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" bgColor=#003366 width="17%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>(1,309,651)</FONT></B></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" bgColor=#003366 width="13%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>(1,896,149)</FONT></B></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" bgColor=#003366 width="10%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>(1,548,869)</FONT></B></TD></TR></TABLE>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV align=left>
<TABLE style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-BOTTOM: medium none; MARGIN-LEFT: 0pt; BORDER-LEFT: medium none" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 19.45pt">
    <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 19.45pt; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 6pt 1.65pt; LINE-HEIGHT: normal"><U><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face=Calibri,sans-serif>Comparison between 2014 and 2013 cash
      flows</FONT></U></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>The Company&#8217;s free cash flow in 2013 was negative
      at R$1,310 million, compared to a negative cash flow of R$1,896 million in
      2012.</FONT></FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Operating Activities</FONT></B></FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 6pt 0.05in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt" face=Calibri,sans-serif>Cash generated by
      operating activities totaled R$1,188 million and R$2,198 million in 2014
      and 2013, respectively. The R$1,010 million decrease in cash generated by
      operating activities is mainly due to an increase in working capital
      requirements, which rose by the sum of R$1,277 million, from R$1,903
      million in 2013 to R$3,180 million in 2014, mainly on account
      of:</FONT><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face=Calibri,sans-serif> </FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.25in; LINE-HEIGHT: 115%; TEXT-INDENT: -0.25in"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt; TEXT-AUTOSPACE: " face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face=Calibri,sans-serif>A
      R$1,013 million net decrease in the tax balance, mainly as a result of the
      settlement of R$1,604 million of tax debts, paid in installments, in
      relation to the Company&#8217;s signing up to the Program of Early Settlement of
      Tax Debts &#8211; Federal Law 13.043/14.</FONT></FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.25in; LINE-HEIGHT: 115%; TEXT-INDENT: -0.25in"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt; TEXT-AUTOSPACE: " face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face=Calibri,sans-serif>A
      R$1,176 million increase in the inventories account, with a 41-day
      increase in the inventory cycle, largely as a result of a drop in the sale
      of steel products. </FONT></FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.25in; LINE-HEIGHT: 115%; TEXT-INDENT: -0.25in"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt; TEXT-AUTOSPACE: " face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face=Calibri,sans-serif>These
      effects were partially offset by a R$1,423 million increase in the
      suppliers&#8217; account, with a 27-day increase in the average payment term.
      </FONT></FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Investment Activities</FONT></B></FONT><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif> </FONT></FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>The cash flow used in investment activities was
      R$1,658 million in 2014 and R$2,246 million in 2013. The R$588 million
      reduction is mainly due to a R$641 million drop in investments in fixed
      assets.</FONT></FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Financing Activities</FONT></B></FONT><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif> </FONT></FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>The cash flow used in financing activities was
      R$896 million in 2014, which was a R$985 million decrease by comparison
      with 2013, mainly due to:</FONT></FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: normal; TEXT-INDENT: -0.25in"><FONT style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT><FONT style="FONT-SIZE: 10pt" face=Calibri,sans-serif>A R$636
      million decrease in the amortizations of loans and financing;</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: normal; TEXT-INDENT: -0.25in"><FONT style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT><FONT style="FONT-SIZE: 10pt" face=Calibri,sans-serif>A R$1,235
      million reduction in the payment of dividends and interest on
      equity;</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: normal; TEXT-INDENT: -0.25in"><FONT style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT><FONT style="FONT-SIZE: 10pt" face=Calibri,sans-serif>These effects
      were partially offset by the disbursement of R$909 million in 2014 under
      the programs to buy back shares issued by the Company itself.</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT></FONT>&nbsp;</P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><U><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Comparison between 2013 and 2012 cash
      flows</FONT></U></B></FONT><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif> </FONT></FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>The Company&#8217;s free cash flow in 2013 was negative
      at R$1,896 million, compared to a negative cash flow of R$1,549 million in
      2012.</FONT></FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Operating Activities</FONT></B></FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 6pt 0.05in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt" face=Calibri,sans-serif>The generation of
      operating cash was R$2,198 million and R$2,529 million in 2013 and 2012,
      respectively. The R$330 million reduction in the cash deriving from
      operating activities is mainly due to R$269 million increase in the
      Company&#8217;s working capital, basically due to a variation in the trade
      accounts payable.</FONT><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face=Calibri,sans-serif>
      </FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Investment Activities</FONT></B></FONT><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif> </FONT></FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>The cash flow used in investment activities was
      R$2,245 million in 2013 and R$3,102 million in 2012. The R$857 million
      reduction is chiefly due to:</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.25in; LINE-HEIGHT: normal; TEXT-INDENT: -0.25in"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Receivables deriving from derivative operations of
      approximately R$426 million in 2013, due to the settlement of CSN Island
      VIII&#8217;s swap;</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.25in; LINE-HEIGHT: normal; TEXT-INDENT: -0.25in"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>R$301 million variation basically due to the
      effect of SWT acquisition in 2012;</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.25in; LINE-HEIGHT: normal; TEXT-INDENT: -0.25in"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>R$246 million reduction of investments in fixed
      assets;</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.25in; LINE-HEIGHT: normal; TEXT-INDENT: -0.25in"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Deconsolidation of cash and cash equivalents when
      sharing control of TLSA in the total amount of R$146 million. </FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Financing Activities</FONT></B></FONT><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif> </FONT></FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>The cash flow used in financing activities in 2013
      was R$1,881 million. The R$1,025 million variation compared to 2012, due
      to a reduction of R$1,317 million in funding and amortizations, an
      increase of R$461 million of dividends and interest on equity, partially
      offset by R$800 million variation, due to a disbursement in 2012 related
      to SWT acquisition.</FONT></P></TD></TR></TABLE></DIV>
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      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 6pt 0pt; LINE-HEIGHT: normal"><B><I><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>a) Company&#8217;s results of operations,
      especially</FONT></I></B></P></TD></TR>
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      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><I><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>(i) Description of any relevant revenue
      component</FONT></I></B></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>The Company is highly integrated, operating in the
      entire steel production chain, from the extraction of iron ore until the
      production and trade of coils, tin-coated for packages, shapes, including
      interest in railways, port terminals, production of cement and electricity
      generation. </FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>The Company&#8217;s production integrated system,
      combined to the quality of management, makes the Company to have one of
      the world&#8217;s steel lowest production costs.</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>The Company seeks to maximize the return to its
      shareholders through a concentrated performance in five key activities:
      (i) mining; (ii) steel; (iii) logistics; (iv) cement; and (v)
      electricity.</FONT></P>
      <P style="TEXT-ALIGN: left; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>1. Mining</FONT></B></P>
      <P style="TEXT-ALIGN: left; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>1.1. Iron Ore</FONT></B></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>The owned mine Casa de Pedra, located in the
      municipality of Congonhas, in the state of Minas Gerais, supplies the
      Company with the iron ore necessary for its steel production. </FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>In July 2007, the Company by means of its
      jointly-controlled entity, Nacional Min&#233;rios S.A. (&#8220;Namisa&#8221;), acquired
      Companhia de Fomento Mineral, located in the state of Minas Gerais, with
      mines close to Casa de Pedra, increasing its production capacity.
      </FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Also in 2007, the Company entered in the iron ore
      overseas market through Namisa. </FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>The highest amount of the Company&#8217;s net revenues
      referring to the trading of iron ore derive from exports, mainly to Asia,
      especially China. CSN, jointly with Namisa, has been consolidating its
      position as a relevant player</FONT><I><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif> </FONT></I><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>in the iron ore overseas market.</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Considering total sales of iron ore finished
      products of Casa de Pedra mine and Namisa, CSN traded 28.9 million tonnes
      in 2014, of which 9.1 million tonnes were traded by Namisa. In addition to
      this, in 2014, the Company produced and allocated 6.0 million tonnes of
      iron ore for its own consumption. </FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Considering total sales of iron ore finished
      products of Casa de Pedra mine and Namisa, CSN traded 25.7 million tonnes
      in 2013, of which 10.3 million tonnes were traded by Namisa. In addition,
      in 2013, the Company produced and destined to own consumption 5.7 million
      tonnes of iron ore.</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>In 2012, 100% of sales of iron ore finished
      products from Casa de Pedra mine and Namisa was 25.8 million tonnes, 14
      million tonnes sold by Namisa. The volume destined to own consumption was
      6.1 million tonnes of iron ore.</FONT></P></TD></TR></TABLE></DIV>
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      <P style="TEXT-ALIGN: left; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>1.2. Limestone</FONT></B></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>The limestone mine of Bocaina, located in
      Arcos/MG, is in charge of supplying calcitic and dolomitic limestone,
      metal flux consumed by CSN to produce steel at Presidente Vargas steel
      mill (&#8220;UPV&#8221;) in Volta Redonda-RJ. In 2014, the mine supplied to UPV
      approximately 1.77 million tonnes/year of steel limestone for steel
      production and 0.97 million tonnes/year of non-steel limestone to produce
      clinker in Arcos. </FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>In 2013, the mine supplied to UPV approximately
      1.89 million tonnes/year of steel limestone for steel production and 0.92
      million tonnes/year of non-steel limestone to produce clinker in Arcos/MG.
      </FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>In 2012, the mine supplied nearly 2.1 million
      tonnes of steel limestone for steel production, besides 0.8 million tonnes
      of non-steel limestone for clinker manufacturing.</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>On its turn, the clinker plant, main raw material
      to produce cement supplied 0.7 million, 0.7 million and 0.6 million tonnes
      of clinker in 2014, 2013 and 2012, respectively for CSN Cimentos milling
      unit located in Presidente Vargas steel mill (UPV), in Volta
      Redonda/RJ.</FONT></P>
      <P style="TEXT-ALIGN: left; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>1.3. Tin</FONT></B></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>One of the essential raw materials to produce tin
      plates is tin, produced by Estanho de Rond&#244;nia S.A (&#8220;ERSA&#8221;), a CSN&#8217;s
      subsidiary, with installed production capacity of approximately 3.6
      thousand tonnes/year of tin. ERSA is composed of Minera&#231;&#227;o Santa B&#225;rbara,
      Itapu&#227; do Oeste, from where cassiterite is extracted, and tin works in
      Ariquemes, from where tin is obtained, both in the state of
      Rond&#244;nia.</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>The tin produced by ERSA is consumed by the
      Company in the production of tin plate at Presidente Vargas steel mill.
      ERSA&#8217;s tin sales to Presidente Vargas steel mill stood at 0.1 million; 0.5
      million and 0.7 million tonnes in 2014, 2013 and 2012,
      respectively.</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>1.4. Tecar</FONT></B></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>The Solid Bulk Terminal (Tecar) is liable for the
      shipment of entire iron ore transacted by the Company in the overseas
      market. In addition, other products are unloaded at Tecar, such as coal,
      oil coke, sulfur and zinc concentrate for own consumption and several
      clients.</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>In 2014, Tecar shipped 32.8 million tonnes of own
      and third parties iron ore and 3.4 million tonnes of coal, coke and other
      reducers. </FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>In 2013, Tecar shipped 28.9 million tonnes of own
      and third parties iron ore and 3.1 million tonnes of coal, coke and other
      reducers were unloaded, besides 55,000 tonnes of clinker for own
      consumption. </FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>In 2012, Tecar shipped 27 million tonnes of own
      and third parties iron ore and 3.2 million tonnes of coal, coke and other
      reducers were unloaded, besides 87,000 tonnes of clinker for own
      consumption.</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>2. Steel</FONT></B></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Dominating the entire steel production chain, the
      Company serves several industry segments, with a diversified line of high
      added-value line of products. The Company produces the most varied types
      of galvanized covered anti-corrosion materials and less susceptible to
      price fluctuations in the international market. </FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>The main markets serviced by the Company are:
      automotive, civil construction, large chains (distribution), white goods
      (household appliances). OEM (capital goods) and metal packages.</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>The Company has five lines of galvanization in
      Brazil, thus distributed: three lines in Presidente Vargas steel mill, in
      Volta Redonda/RJ, one line in Porto Real, state of Rio de Janeiro and
      another one in CSN branch located in the state of Paran&#225;, in Arauc&#225;ria,
      where it operates cold strip mill and pre-painting processes. </FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>CSN also relies on three foreign subsidiaries: CSN
      LLC, installed in Terre Haute, in the State of Indiana, USA, which
      operates cold strip mill and galvanization, Lusosider in Paio Pires,
      Portugal, which also produces covered rolled steel and Stahlwerk Th&#252;ringen
      GmbH (&#8220;SWT&#8221;), installed in Unterwellenborn, Germany, which produces steel
      shapes, with annual production capacity of 1.1 million tonnes. SWT
      acquisition in 2012 sets CSN&#8217;s entry into the long steel segment.
      </FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>CSN has an installed capacity of 1 million
      tonnes/year of tin plate, largely used in the package sector. The Company
      also produces the Galvalume, steel covered with zinc and aluminum, which
      combines brightness and durability, besides pre-painted steel, both
      largely applied in the civil construction and white goods
      sectors.</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>At the end of 2013, a unit in Volta Redonda was
      inaugurated, which manufacturers, long steel, with annual production
      capacity of 500,000 tonnes, among concrete reinforcing bars and wire rod.
      </FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P></TD></TR></TABLE></DIV>
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   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>2.1 - Presidente Vargas steel mill</FONT></B></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 120%"><FONT style="LINE-HEIGHT: 120%"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>The Company&#8217;s main steel unit, the Presidente Vargas steel mill has an annual installed capacity of 5.6 million tonnes of raw steel. In 2014, the production of raw steel amounted to 4.5 million tonnes, while production of rolled steel totaled 4.3 million tonnes. In 2013, the production of raw steel reached 4.5 million tonnes. The production of rolled steel reached 4.6 million tonnes. In 2012, 4.8 million tonnes of raw steel were produced and 4.7 million tonnes of rolled steel. </FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>2.2- Porto Real Branch</FONT></B></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 120%"><FONT style="LINE-HEIGHT: 120%"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>CSN&#8217;s branch in Porto Real/RJ is strategically located between the cities of Rio de Janeiro and S&#227;o Paulo, mainly serving the automotive sector, with a wide range of international standard products and services. It relies on one line of hot galvanization, cutting services and a modern laser solder center. Production by the Paran&#225; branch came to 333, 354 and 331 thousand tonnes in 2014, 2013 and 2012, respectively.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 6pt 0.25in; LINE-HEIGHT: 120%; TEXT-INDENT: -0.25in"><FONT style="LINE-HEIGHT: 120%"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>2.3</FONT></B><B><FONT style="FONT-SIZE: 7pt; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 120%"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>- Paran&#225; Branch</FONT></B></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 120%"><FONT style="LINE-HEIGHT: 120%"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>The CSN Paran&#225; branch produces Galvalume&#174;, which is mainly used in open-air constructions due to its high resistance to corrosion. The branch also produces pre-painted flat steel, which is a high value added product that is used in civil construction and in the production of white line goods. CSN Paran&#225; has an annual capacity of 100 thousand tonnes of pre-painted steels and 220 thousand tonnes of hot-rolled pickled steel. The Paran&#225; branch&#8217;s production totaled 457, 537 and 496 thousand tonnes in 2014, 2013 and 2012, respectively.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><FONT lang=PT-BR style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>2.4 - Cia. Metalic Nordeste</FONT></B></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 120%"><FONT style="LINE-HEIGHT: 120%"><FONT lang=PT-BR style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>CSN&#8217;s subsidiary, Cia. </FONT></FONT><FONT style="LINE-HEIGHT: 120%"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Metalic Nordeste, with head offices in the state of Cear&#225;, produces two piece steel beverage cans in the Latin America, besides aluminum cover caps for beverage cans. </FONT></FONT></P>

   <P style="MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>In 2014, Cia. Metalic Nordeste sold 415 million cans and 517 million caps, while in 2013, it sold 507 million cans and 681 million caps and. In 2012, it sold 518 million cans.</FONT></FONT><FONT style="LINE-HEIGHT: 120%"><FONT style="LINE-HEIGHT: 120%"><FONT lang=EN-US style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face=Calibri,sans-serif>&nbsp;</FONT></FONT></FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif> </FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>2.5- Companhia Metal&#250;rgica Prada</FONT></B></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 120%"><FONT style="LINE-HEIGHT: 120%"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Founded in 1936, Companhia Metal&#250;rgica Prada (&#8220;Prada&#8221;) was acquired by CSN in 2006. Aimed to the production of steel packages and lithograph services, Prada has two plants located in S&#227;o Paulo where its lithographic complex is located and the manufacturing of packages for chemical aerosol products and one in Uberl&#226;ndia-MG concerned with food packages, representing a relevant tin mill steel client of CSN. Prada also operates in the distribution and services market. Currently, in the Southeast region, it owns a Services Center and six distribution centers of productions, such as: sheets, blanks, coils, UDC shapes, welded tubes, steel deck and metal roof for the most diverse industry segments. </FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 120%"><FONT style="LINE-HEIGHT: 120%"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Its lines are capable of meeting volumes and technical specifications required by food, chemistry, aerosol and services industries. </FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 120%"><FONT style="LINE-HEIGHT: 120%"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>In 2014, Prada by means of the distribution segment, sold 303,000 tonnes, besides providing processing services in 30,000 tonnes of steel. In 2013 and 2012, 386,000 and 435,000 tonnes were sold, respectively, through the distribution segment. </FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>2.6- Companhia Sider&#250;rgica Nacional, LLC </FONT></B></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 120%"><FONT style="LINE-HEIGHT: 120%"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Companhia Sider&#250;rgica Nacional LLC (&#8220;CSN LLC&#8221;) located in the United States administers a cold rolled steel and galvanization mill, installed in the State of Indiana. In 2014, 262,000 tonnes of cold rolled and galvanized coils were produced in CSN LLC. While in 2013 and 2012, this unit produced 297,000 tonnes and 258,000 tonnes, respectively of these same products.</FONT></FONT></P></TD></TR></TABLE></DIV>

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   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><FONT lang=PT-BR style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>2.7- Lusosider</FONT></B><B><I><FONT lang=PT-BR style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif> </FONT></I></B><B><FONT lang=PT-BR style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Projectos Siderurgicos S.A.</FONT></B></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 120%"><FONT style="LINE-HEIGHT: 120%"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Installed in Paio Pires, Portugal, Lusosider Projectos Sider&#250;rgicos, S.A. (&#8220;Lusosider&#8221;) operates the cold rolling and hot galvanization. In 2014, Lusosider sold in the European market, 289,000 tonnes of galvanized products, cold rolled steel and pickled oil/oiled coil, while in 2013 and 2012, these volumes reached 276,000 and 208,000 tonnes, respectively. </FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>2.8- Stahlwerk Th&#252;ringen GmbH (SWT)</FONT></B></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 120%"><FONT style="LINE-HEIGHT: 120%"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>In 2012, CSN acquired Stahlwerk Th&#252;ringen GmbH (&#8220;SWT&#8221;), consolidating its results as of February 2012. Located in Unterwellenborn, Germany, the plant is specialized in the production of steel shapes employed in construction. In 2014, SWT sold 746,000 tonnes of steel shapes and in 2013, this volume added 754,000 tonnes of shapes. </FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: left; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>3. Logistics</FONT></B></P>

   <P style="TEXT-ALIGN: left; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>3.1 Port</FONT></B></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Tecon, containers and general cargo terminal, administered by Sepetiba Tecon S.A., a CSN&#8217;s subsidiary, in 2014 handled 173,000 containers, of which 364,000 tonnes of steel products and 110,000 tonnes of general cargo. In 2013, Tecon hadled over 257,000 containers, of which 116,000 tonnes of steel products and 22,000 tonnes of general cargo. In 2012, it handled 158,000 containers. </FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>3.2 Railway</FONT></B></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>CSN holds interest in three railway companies: MRS Log&#237;stica S.A. (&#8220;MRS&#8221;), FTL &#8211; Ferrovia Transnordestina Log&#237;stica S.A. (&#8220;FTL&#8221;) and Transnordestina Log&#237;stica S.A. (&#8220;TLSA&#8221;). </FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><U><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>MRS</FONT></U></B></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>MRS operates the railway which connects Casa de Pedra mine to Presidente Vargas steel mill and to the terminals at the Itagua&#237; Port. In 2014, MRS carried 164 million tonnes, 5.2% higher than in 2013 when 156 million tonnes were carried. In 2012, MRS carried 155 million tonnes, 2% higher than in 2011.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>CSN directly and indirectly holds 33.27% of MRS Log&#237;stica&#8217;s voting capital, which operates the former Southeast Network of Rede Ferrovi&#225;ria Federal S.A (RFFSA), in the Rio de Janeiro &#8211; S&#227;o Paulo - Belo Horizonte connection.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>MRS&#8217;s main performance segment is those clients referred to as heavy haul (ore, coal and coke loads), carrying approximately 124 million tonnes in 2014, corresponding to 75% of total amount carried by the Company, as well as long-term agreements. </FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>In the containers sector, MRS maintained its position among the largest domestic railway sector carriers, by carrying 1.2 million tonnes containers in 2014, by comparison with a volume of 1.0 million tonnes transported in 2013 and one of 0.9 million tonnes in 2012.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>The railway transportation services rendered by MRS are essential in the supply of raw materials and flow of final products. The total amount of iron ore, coal and coke consumed by Presidente Vargas steel mill is carried by MRS, as well as part of steel produced by CSN.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><U><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>TLSA</FONT></U></B></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>TLSA, with the federal government&#8217;s support is building the railway Nova Transnordestina, with an extension of 1,728 km, which will connect the railway 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>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>The railway&#8217;s projected operation capacity is 30 million tonnes/year which must play an important role in the development of the Northeast region and create a logistics option for the local economic development, in the oil and byproducts, grains, mining, agriculture and other sectors. On December 31, 2014 CSN&#8217;s stake in TLSA was 62.64%.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><U><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>FTL</FONT></U></B></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>CSN holds 88.4% interest in FTL, operator of RFFSA&#8217;s former northeast network, which crosses seven states: Maranh&#227;o, Piau&#237;, Cear&#225;, Rio Grande do Norte, Para&#237;ba, Pernambuco and Alagoas, with total extension of 4,534 km, with current transportation capacity of approximately 2 million tonnes/year, pointing out the transportation of cement, aluminum and ore, among other products. </FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>During the 2014 fiscal year 2 million tonnes was transported, mainly fuel, cement, aluminum and ore, along with other products, particularly in the stretch between S&#227;o Lu&#237;s, Teresina and Fortaleza. In December 2013, first month of FTL operation, 100,000 tonnes were carried, pointing out the transportation of fuel, cement, aluminum and ore, among other products, especially in the stretch between S&#227;o Lu&#237;s, Teresina and Fortaleza.</FONT></P></TD></TR></TABLE></DIV>

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   <P style="MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>4. Energy</FONT></B></P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face=Calibri,sans-serif>CSN is one of Brazil&#8217;s largest electricity industrial consumers, which ranks it in an outstanding position together with other large Electro-intensive Groups. Thus, since 1999, CSN has been investing in electricity generation projects, aiming at ensuring its self-sufficiency. Its assets in this segment are It&#225; hydroelectric power plant in Santa Catarina, where CSN holds 29.5%, corresponding to an average 167 MW, by means of 48.75% equity interest in It&#225; Energ&#233;tica S. A., the Igarapava hydroelectric power plant in the state of Minas Gerais, with 23 MW capacity and a 17.9% share of total capital and the Thermoelectric co-generation center, at the Presidente Vargas steel mill, in Volta Redonda,</FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Calibri,sans-serif> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face=Calibri,sans-serif>with installed capacity of 235 MW. This unit uses own residual gases from steel production as fuel. </FONT></P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0in"><FONT lang=PT-BR style="FONT-SIZE: 11pt" face=Calibri,sans-serif>In 2014, the top rotor shaft came into operation with a capacity of 21MW, installed in Blast Furnace 3 of the Presidente Vargas Steel Mill, which is located in Volta Redonda/RJ.</FONT></P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face=Calibri,sans-serif>These assets ensure to CSN a generation capacity sufficient to meet the group&#8217;s electricity needs.</FONT></P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face=Calibri,sans-serif>Thinking of future expansions, CSN still studies new investments in electricity generation, aiming its self-sufficiency.</FONT></P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>5. Cement</FONT></B></P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>The cement industry is complementary to steel industry and supplies the entire civil construction segment, a sector of essential relevance for the country&#8217;s economic development. </FONT></P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>CSN Cimentos S.A. (&#8220;CSN Cimentos&#8221;), the Company&#8217;s subsidiary, by means of its first plant located in Volta Redonda/RJ produced 2.2 million tonnes of cement in 2014, 2 million tonnes in 2013 and 1.9 million tonnes in 2012.</FONT></P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face=Calibri,sans-serif>The cement produced by CSN of CP-III type is currently traded in the region of Baixada Fluminense, south of the state of Rio de Janeiro, Para&#237;ba Valley and Greater S&#227;o Paulo, besides the south of the state of Minas Gerais. Currently, CSN has six distribution centers, essential factor to increase sales dissemination and ensure its competitiveness. </FONT></P>

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   <P style="MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>Net Revenues</FONT></B></P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>Tables and graphs below show the Company&#8217;s consolidated net revenue:</FONT></P></TD></TR></TABLE></FONT></I></B></DIV>

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   <TD style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid" bgColor=#d9d9d9 width="20%" colSpan=2 align=center><B><FONT style="FONT-SIZE: 10pt" face=Calibri-Bold,Arial,Helvetica,sans-serif>R$ million</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 width="10%" align=center><B><FONT style="FONT-SIZE: 10pt" face=Calibri-Bold,Arial,Helvetica,sans-serif>Steel</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 width="10%" align=center><B><FONT style="FONT-SIZE: 10pt" face=Calibri-Bold,Arial,Helvetica,sans-serif>Mining</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 width="10%" align=center><B><FONT style="FONT-SIZE: 10pt" face=Calibri-Bold,Arial,Helvetica,sans-serif>Port Logistics </FONT></B></TD>

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 width="10%" align=center><STRONG><FONT style="FONT-SIZE: 10pt" face=Arial>Railway Logistics&nbsp;</FONT></STRONG><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 width="10%" align=center><STRONG><FONT style="FONT-SIZE: 10pt" face=Arial>Energy</FONT></STRONG><FONT style="FONT-SIZE: 10pt">&nbsp;&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 width="10%" align=center><B><FONT style="FONT-SIZE: 10pt" face=Calibri-Bold,Arial,Helvetica,sans-serif>Cement&nbsp;&nbsp;</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 width="10%" align=center><STRONG><FONT style="FONT-SIZE: 10pt" face=Arial>Elim./Corp.</FONT></STRONG><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" bgColor=#d9d9d9 width="10%" align=center><STRONG><FONT style="FONT-SIZE: 10pt" face=Arial>Consolidated</FONT></STRONG><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid" width="10%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp; </FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid; TEXT-INDENT: 4.799pt" width="10%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>Domestic market</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>8,650</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>307</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>202</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>1,105</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>324</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>440</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>(1,063)</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>9,966</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid" width="10%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>2014</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid; TEXT-INDENT: 4.799pt" width="10%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>Foreign market</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>2,841</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>3,803</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>(484)</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>6,160</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid" width="10%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp; </FONT></TD>

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 4.799pt" bgColor=#366092 width="10%" align=left><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>Total</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" bgColor=#366092 width="10%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>11,492</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" bgColor=#366092 width="10%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>4,109</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" bgColor=#366092 width="10%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>202</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" bgColor=#366092 width="10%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>1,105</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" bgColor=#366092 width="10%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>324</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" bgColor=#366092 width="10%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>440</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" bgColor=#366092 width="10%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>(1,547<FONT face=Arial>)</FONT></FONT></B></TD>

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" bgColor=#366092 width="10%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>16,126</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid" width="10%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp; </FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid; TEXT-INDENT: 4.799pt" width="10%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>Domestic market</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>9,696</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>680</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>195</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>1,074</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>212</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>416</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>(1,025)</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>11,247</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid" width="10%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>2013</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid; TEXT-INDENT: 4.799pt" width="10%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>Foreign market</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>2,697</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>4,617</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>(1,249)</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>6,065</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid" width="10%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp; </FONT></TD>

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 4.799pt" bgColor=#366092 width="10%" align=left><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>Total</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" bgColor=#366092 width="10%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>12,393</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" bgColor=#366092 width="10%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>5,297</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" bgColor=#366092 width="10%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>195</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" bgColor=#366092 width="10%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>1,074</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" bgColor=#366092 width="10%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>212</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" bgColor=#366092 width="10%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>416</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" bgColor=#366092 width="10%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>(2,274)</FONT></B></TD>

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" bgColor=#366092 width="10%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>17,312</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid" width="10%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp; </FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid; TEXT-INDENT: 4.799pt" width="10%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>Domestic market</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>8,478</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>713</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>152</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>1,067</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>229</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>388</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>(567)</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>10,459</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid" width="10%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>2012</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid; TEXT-INDENT: 4.799pt" width="10%" align=left><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>Foreign market</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>2,324</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>3,772</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>(1,326)</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="10%" align=right><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>4,770</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid" width="10%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp; </FONT></TD>

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 4.799pt" bgColor=#366092 width="10%" align=left><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>Total</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" bgColor=#366092 width="10%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>10,802</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" bgColor=#366092 width="10%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>4,485</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" bgColor=#366092 width="10%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>152</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" bgColor=#366092 width="10%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>1,067</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" bgColor=#366092 width="10%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>229</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" bgColor=#366092 width="10%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>388</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" bgColor=#366092 width="10%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>(1,893)</FONT></B></TD>

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" bgColor=#366092 width="10%" align=right><B><FONT style="FONT-SIZE: 10pt" color=#ffffff face=Calibri-Bold,Arial,Helvetica,sans-serif>15,228</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR></TABLE></DIV>

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   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>(ii) Factors materially affecting the operating results</FONT></I></B></P>

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   <P></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>The most relevant sources of the Company&#8217;s revenues derive from the production and trading of steel products and iron ore. Thus, Brazil&#8217;s and the world&#8217;s economic activity level has strong influence on its results.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>The largest amount of the Company&#8217;s steel sales occurs in the domestic market. Therefore, a relevant factor of influence on results is the domestic economy&#8217;s growth pace, especially the most intensive sectors in the use of steel, especially the automotive, white goods sectors and civil construction. These sectors are directly influenced by the availability and cost of credit to consumer. The macroeconomic politics decision, such as the level of interest rates, or which affect credit, such as taxes or other mechanisms are continuously monitored. The impact of infrastructure works is also a relevant factor, whether related to events, such as the World Cup and the Olympic Games or the growth of productive sectors, such as oil or civil construction, </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>PAC works (Brazilian Growth Acceleration Program)</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>, amongst others.</FONT></P></TD></TR></TABLE></DIV></DIV>

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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Calibri>23</FONT></P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>Another factor of influence is the balance between world&#8217;s steel supply and demand, which determines the price levels and also influences the imports level. </FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>In the mining sector, results are directly influenced by the balance between world&#8217;s iron ore supply and demand. The highest amount of the Company&#8217;s net revenues refers to the sale of iron ore deriving from exports mainly to Asia, especially China.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>Referring to costs, metal coal and coke prices, metals such as aluminum, zinc and tin, as well as the foreign exchange rates, are relevant factors in steel production. In case of mining and logistics (railway transportation), the cost of diesel is a relevant component and as the Company has expansion projects, the cost of equipment and services is an essential variable to be monitored.</FONT></FONT></P></TD></TR></TABLE></DIV>

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   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><I><FONT style="FONT-SIZE: 10pt" face=Calibri,sans-serif>b) revenue variation attributable to changes in prices, exchange rates, inflation, changes in volumes and the introduction of new products and services</FONT></I></B></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt" face=Calibri,sans-serif>In the steel industry, besides the international prices, other factors may affect the prices of our products, such as foreign exchange rates, import duties, domestic supply and demand. </FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt" face=Calibri,sans-serif>Referring to mining, most of our sales derive from iron ore exports, therefore, pegged to the international prices.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt" face=Calibri,sans-serif>In case of cement, revenue is in Reais and inflationary variation may modify results. </FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt" face=Calibri,sans-serif>Since most of revenues derive from steel and mining sectors, the Company quantifies below the effects of changing volumes and prices over its revenues in these two segments. </FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt" face=Calibri,sans-serif>In 2014, net revenue totaled R$16.1 billion, 7% lower than in 2013, mainly on account of the lower revenues from the mining and steel making segments. Net steel revenues amounted to R$11.5 billion, or 65% of consolidated net revenue, with sales of 5.2 million tonnes of steel, 3.7 million of which went to the domestic market and 1.5 million to the external market (taking into account exports and foreign sales by the company&#8217;s subsidiaries Lusosider, CSN LLC and SWT). Net mining revenues totaled R$4.1 billion, which represents 23.3% of consolidated net revenue, with sales of 28.9 million tonnes of finished iron ore products, mainly to the foreign market.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt" face=Calibri,sans-serif>In 2013, the net revenue reached R$17.3 billion. 14% higher than that recorded in previous year, mainly due to higher revenue from steel and mining segments. The steel net revenues totaled R$12.4 billion or 63% of consolidated net revenues, with sales of 6.1 million of tonnes of steel, 4.6 billion in the domestic market and 1.5 million in the foreign market (including exports and foreign sales through the subsidiaries Lusosider, and CSN LLC and SWT). The mining net revenues totaled R$5.3 billion or 27% of consolidated net revenues, with sales of 25.7 million tonnes of iron ore finished products, mainly for the foreign market.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt" face=Calibri,sans-serif>In 2012, the Company&#8217;s net revenues reached R$15.2 billion. Steel net revenues were R$10.8 billion or 63% of consolidated net revenues, with steel sales of 5.8 million tonnes. Out of this total, 77% were sold in the domestic market and 23% in the foreign market (including exports and sales overseas through subsidiaries Lusosider, CSN LLC and SWT). The mining net revenues totaled R$4.5 billion in 2012, a 26% share in the Company&#8217;s consolidated net revenues, with sales of iron ore finished products of 25.8 million tonnes, mainly to the foreign market.</FONT></P></TD></TR></TABLE></DIV>

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   <P style="MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>c) impact of inflation, price variation of main inputs and products, foreign exchange and interest rates on the Company&#8217;s operating and financial results</FONT></I></B></FONT></P></TD></TR>

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   <TD style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid" width="100%">&nbsp;<FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>Part of the Company's costs and expenses is pegged to the Brazilian Real, with inflation adjustment clause in the agreements. </FONT>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>As mentioned in item (a), the prices of certain inputs directly influence the Company&#8217;s results, especially:</FONT></P>

   <UL style="MARGIN-BOTTOM: 0in; MARGIN-TOP: 0in" type=disc>

   <LI style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>Coal, coke, pellets and metals, in case of steel industry, pegged to the U.S. dollar;</FONT>

   <LI style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>Fuel in case of mining and railway transportation; </FONT>

   <LI style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>Clinker in case of cement. </FONT></LI></UL>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>Besides production inputs, another relevant factor is the price of equipment and services, since the Company has a substantial portfolio of investment projects in all its business areas.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT size=2></FONT>&nbsp;</P>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=black><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Calibri,sans-serif>Effects on the Company&#8217;s operating results</FONT></U></B></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>In 2014, the consolidated cost of products sold came out to a figure of R$11,592 millions, 7% lower than the comparable figure recorded in 2013, basically due to the lower cost of products sold in the steel segment.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>In 2013, the consolidated cost of products sold reached R$12,423 million, 10% up over cost of products sold in 2012, basically due to the higher volume sold by steel industry and an increase of production costs in the steel industry.</FONT></FONT><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif> </FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>In 2012, the cost of products sold reached R$11,259 million, 15% up over the R$9,801 million recorded in 2011, basically due to:</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 6pt 38.5pt; LINE-HEIGHT: 115%; TEXT-INDENT: -0.25in"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>R$2,271 million increase in the cost of products sold, with higher volume of steel sold and increase in the production costs of steel and mining segments;</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 6pt 38.5pt; LINE-HEIGHT: 115%; TEXT-INDENT: -0.25in"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>R$813 million decrease with the Company&#8217;s adoption of IFRS 10 and </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>IFRS </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>11.</FONT></FONT></P>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><B><U><FONT style="FONT-SIZE: 10pt" face=calibri,sans-serif>Effects on the Company&#8217;s financial result</FONT></U></B></FONT></H1>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>In 2014, the Company&#8217;s net financial result was a negative R$3,081 million by comparison with a negative net financial result of R$2,512 million in 2013, basically due to:</FONT></FONT></P>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: normal; TEXT-INDENT: -0.25in"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face=calibri,sans-serif>Charges in connection with loans and financing, amounting to R$2,783 million;</FONT></H1>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: normal; TEXT-INDENT: -0.25in"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face=calibri,sans-serif>Monetary and foreign exchange variations of the order of R$153 million;</FONT></H1>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face=calibri,sans-serif>Expenses of R$129 million for monetary adjustment and additional interest charges on tax contingencies;</FONT></H1>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: normal; TEXT-INDENT: -0.25in"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face=calibri,sans-serif>Other financial expenses of R$188 million. </FONT></H1>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>In 2013, the Company&#8217;s net financial result was negative at R$2,512 million compared to a negative net financial result in 2012 of R$2,151 million, basically due to:</FONT></FONT></P>

   <UL style="MARGIN-BOTTOM: 0in; MARGIN-TOP: 0in" type=disc>

   <LI style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>R$220 million decrease in financial revenues from R$392 million in 2012 to R$172 million in 2013;</FONT>

   <LI style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>R$192 million increase in financial expenses, from R$2,548 million in 2012 to R$2,740 million, mainly due to the R$277 million effect due to the Company&#8217;s adhesion to the tax recovery program (REFIS) in 2013.</FONT></FONT></LI></UL></TD></TR></TABLE></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT></I></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>10.3 Relevant effects that the following events have
caused or are expected to cause on the Company&#8217;s financial statements and its
results:</FONT></I></B></P>
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    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: silver; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><I><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>a) introduction or disposal of operating
      segment</FONT></I></B></P></TD></TR>
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    <TD style="HEIGHT: 19.45pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT style="FONT-SIZE: 10pt" color=black face=Calibri,sans-serif>CSN entered
      into the long steel segment with the acquisition of Stahlwerk Th&#252;ringen
      GmbH (&#8220;SWT&#8221;) on January 31, 2012 for &#8364;483 million. Located in
      Unterwellenborn, Germany, SWT produces long steel, with production
      installed capacity of 1.1 million tonnes of metal shapes/year, destined to
      the civil construction. At the end of 2013 the Company inaugurated a plant
      for the production of flat steel in Brazil, in Volta Redonda, with an
      annual production capacity of 500 thousand tonnes of flat steel (rods and
      wire-rods).</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT style="FONT-SIZE: 10pt" color=black face=Calibri,sans-serif>In 2013 no
      operational segments were introduced or disposed of. However, in December
      2014 CSN&#8217;s Board of Directors approved the establishment of a strategic
      alliance with a consortium consisting of the following companies; ITOCHU
      Corporation, JFE Steel Corporation, POSCO, Ltd., Kobe Steel, Ltd., Nisshin
      Steel Co, Ltd. and China Steel Corp. (&#8220;Asian Consortium&#8221;), whereby the
      Asian Consortium will contribute its 40% stake in Nacional Min&#233;rios S.A.
      (&#8220;Namisa&#8221;) to the company Congonhas Min&#233;rios S.A., a non-operating
      subsidiary of CSN, and CSN will contribute the Casa de Pedra iron ore
      mine, its 60% stake in Namisa, 8.63% of its stake in MRS Log&#237;stica S.A.
      (&#8220;MRS&#8221;) along with assets and rights for managing and operating the
      concession related to Itagua&#237; Port (TECAR).</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT style="FONT-SIZE: 10pt" color=black face=Calibri,sans-serif>The completion
      of this transaction is subject to agreement of a business plan by the
      parties, to obtaining regulatory approval from the anti-trust authorities
      and from the government authorities responsible for the regulation of
      mining rights, in addition to other conditions precedent commonly found in
      this type of transaction. Completion of this transaction is forecast to
      occur at the end of 2015.</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT style="FONT-SIZE: 10pt" color=black face=Calibri,sans-serif>The main aim
      of the deal is to achieve synergies between the businesses involved in
      this restructuring and to create value for the shareholders by setting up
      a world-class corporation. The main synergies identified are related to
      the optimization of procedures, operational efficiencies, reducing
      operating costs and increasing capital.</FONT></P></TD></TR>
  <TR style="HEIGHT: 11pt">
    <TD style="HEIGHT: 11pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: silver; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><I><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>b) creation, acquisition or disposal of equity
      interest</FONT></I></B></P></TD></TR>
  <TR style="HEIGHT: 19.45pt">
    <TD style="HEIGHT: 19.45pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 0.2in; LINE-HEIGHT: 150%"><FONT style="LINE-HEIGHT: 150%" color=black><B><U><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Acquisition of shares from companies of Grupo
      Alfonso Gallardo, S.L.U.</FONT></U></B></FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>On January 31, 2012, the Company by means of its
      subsidiary CSN Steel acquired 100% of shares held by Grupo Gallardo in the
      companies (i) Dankerena Guip&#250;zcoa, S.L. e Grupo Alfonso Gallardo
      Th&#252;ringen, S.L.U., Spanish holdings which jointly held 100% of shares of
      Stahlwerk Th&#252;ringen GmbH (&#8220;SWT&#8221;) and (ii) Gallardo Sections S.L.U. (the
      &#8220;Transaction&#8221;). </FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Transaction&#8217;s total amount was &#8364;483 million,
      considering the assumption of zero indebtedness.</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Located in Unterwellenborn, Germany, SWT produces
      long steel, with production installed capacity of 1.1 million tonnes of
      steel shapes/year.</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>CSN started to consolidate SWT&#8217;s results in its
      financial statements as of February 2012, recording sales of 724,000
      tonnes/year.</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 0.2in; LINE-HEIGHT: 150%"><FONT style="LINE-HEIGHT: 150%" color=black><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>There was no establishment, acquisition or
      disposal of material shareholdings in 2013 and 2014.
  </FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 11pt">
    <TD style="HEIGHT: 11pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: silver; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><I><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>c) non-usual events or
      operations</FONT></I></B></P></TD></TR>
  <TR style="HEIGHT: 19.45pt">
    <TD style="HEIGHT: 19.45pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>At the Board of Directors&#8217; Extraordinary Meeting
      held on May 10, 2012, the Board members approved the Company&#8217;s capital
      increase, by capitalizing part of the unrealized profit reserve, in the
      amount of R$2,859,052,636.29, without issuing new shares, and capital
      increasing from R$1,680,947,363.71 to R$4,540,000,000.00.</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>In 2013 and 2014 there were no unusual events or
      operations which materially affected the Company&#8217;s
  business.</FONT></P></TD></TR></TABLE></DIV>
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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Calibri>25</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

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<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>10.4 </FONT></B></P>
<DIV align=left>
<TABLE style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-BOTTOM: medium none; MARGIN-LEFT: 0pt; BORDER-LEFT: medium none" cellSpacing=0 cellPadding=0 border=0>

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    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: silver; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="100%" colSpan=3>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><I><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>a) relevant changes in the accounting practices
      </FONT></I></B></P></TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid" width="100%" colSpan=3>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><U><FONT style="FONT-SIZE: 10pt" color=black face=Calibri,sans-serif>New standards
      and interpretations not yet adopted</FONT></U></B></P></TD></TR>
  <TR style="HEIGHT: 0.5pt">
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 0.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=bottom width="19%">
      <P style="TEXT-ALIGN: left; MARGIN: 0in 1.45pt 10pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=#181619><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=#181619 face=Calibri,sans-serif>Standard</FONT></B></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 0.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="57%">
      <P style="TEXT-ALIGN: left; MARGIN: 0in 1.45pt 10pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=#181619><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=#181619 face=Calibri,sans-serif>Description</FONT></B></FONT></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 0.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="24%">
      <P style="TEXT-ALIGN: left; MARGIN: 0in 1.45pt 10pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=#181619><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=#181619 face=Calibri,sans-serif>Effective Date</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 4pt">
    <TD style="HEIGHT: 4pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">
      <P style="TEXT-ALIGN: left; MARGIN: 0in 1.45pt 10pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT></FONT>&nbsp;</P>
      <P style="TEXT-ALIGN: left; MARGIN: 0in 1.45pt 10pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>IAS 16 and IAS 38</FONT></FONT></P></TD>
    <TD style="HEIGHT: 4pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="57%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>&#8220;Property, plant and equipment&#8221; and &#8220;Intangible
      assets&#8221; &#8211; in May 2014, the aforementioned accounting rules were revised,
      clarifying that the revenue based method will not be allowed for
      depreciation or amortization.</FONT></FONT></P></TD>
    <TD style="HEIGHT: 4pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="24%">
      <P style="TEXT-ALIGN: left; MARGIN: 0in 1.45pt 10pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT></FONT>&nbsp;</P>
      <P style="TEXT-ALIGN: left; MARGIN: 0in 1.45pt 10pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>2016</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 4.35pt">
    <TD style="HEIGHT: 4.35pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="19%">
      <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>IAS 27</FONT></FONT></P></TD>
    <TD style="HEIGHT: 4.35pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="57%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 1.45pt 10pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>&#8220;Separate financial statements&#8221; &#8211; in August 2014,
      the rule that covers separate financial statements was revised, allowing
      investments to be accounted for using the equity pick-up method. The
      Company had already adopted this method due to it being required by the
      Brazilian legislation and this amendment will not have any impact on the
      financial statements. This amendment has not yet been published by the CPC
      and should come into force with effect from 2016, with early adoption
      being allowed.</FONT></FONT></P></TD>
    <TD style="HEIGHT: 4.35pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="24%">
      <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>2016</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 50.3pt">
    <TD style="HEIGHT: 50.3pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="19%">
      <P style="TEXT-ALIGN: left; MARGIN: 0in 1.45pt 10pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>IFRS 10 and IAS 28</FONT></FONT></P>
      <P style="TEXT-ALIGN: left; MARGIN: 0in 1.45pt 10pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=black><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 50.3pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="57%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 1.45pt 10pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>&#8220;Consolidated financial statements&#8221; and
      &#8220;Investment in Affiliated Companies, Subsidiary Companies and in Jointly
      Controlled Enterprises&#8221; &#8211; in September 2014, a revised version was issued
      in which it was proposed that gains or losses as a result of the sale or
      contribution from a subsidiary which does not constitute a transaction, as
      defined in IFRS 3, between an investor and its subsidiary or jointly
      controlled subsidiary, is only recognized in the participation of the
      unrelated investors in the subsidiary or jointly controlled
      subsidiary.</FONT></FONT></P></TD>
    <TD style="HEIGHT: 50.3pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="24%">
      <P style="TEXT-ALIGN: left; MARGIN: 0in 1.45pt 10pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=black><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>2016</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 0.25pt">
    <TD style="HEIGHT: 0.25pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="19%">
      <P style="TEXT-ALIGN: left; MARGIN: 0in 1.45pt 10pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>IFRS 7</FONT></FONT></P></TD>
    <TD style="HEIGHT: 0.25pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="57%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>&#8220;Financial instruments: Disclosure&#8221; &#8211; in September
      2014, the IASB revised rule IFRS 7, with guidance on when a service
      contract has continuous involvement and establishing that the additional
      disclosure requirements do not only apply to interim periods. This rule
      has not yet been published by the CPC and should come into force with
      effect from 2016.</FONT></FONT></P></TD>
    <TD style="HEIGHT: 0.25pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="24%">
      <P style="TEXT-ALIGN: left; MARGIN: 0in 1.45pt 10pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>2016</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 0.25pt">
    <TD style="HEIGHT: 0.25pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="19%">
      <P style="TEXT-ALIGN: left; MARGIN: 0in 1.45pt 10pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>IFRS 9</FONT></FONT></P></TD>
    <TD style="HEIGHT: 0.25pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="57%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=#181619><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=#181619 face=Calibri,sans-serif>"Financial Instruments". IFRS 9 maintains but
      simplifies the combined measurement model and establishes two main
      measurement categories for financial assets: amortized cost and fair
      value. The basis of classification depends on the entity&#8217;s business model
      and the characteristics of financial asset's contractual cash
      flow</FONT></FONT><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>. </FONT></FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>For financial liabilities the rule retains most of
      the requirements of IAS 39. </FONT></FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>The main change relates to those cases where the
      fair value calculated for financial liabilities should be segregated so
      that the part of the fair value related to the credit risk of the entity
      itself is recognized in &#8220;Other comprehensive income&#8221; and not in the result
      for the period. </FONT></FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=#181619><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=#181619 face=Calibri,sans-serif>IAS 39 guidance on the impairment of financial
      assets and hedge accounting is still applicable</FONT></FONT><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>.</FONT></FONT></P></TD>
    <TD style="HEIGHT: 0.25pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="24%">
      <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=#181619><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=#181619 face=Calibri,sans-serif>2018</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 0.25pt">
    <TD style="HEIGHT: 0.25pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="19%">
      <P style="TEXT-ALIGN: left; MARGIN: 0in 1.45pt 10pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>IFRS15</FONT></FONT></P></TD>
    <TD style="HEIGHT: 0.25pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="57%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>&#8220;Revenue from contracts with
      clients&#8221;.</FONT><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif> </FONT></B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>This new rule establishes the principles that an
      entity is to apply in order to determine the measurement of revenue and
      when it should be recognized.</FONT></FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>This rule replaces IAS 11 &#8211; Construction
      Contracts, IAS 18 &#8211; Revenues and corresponding interpretations.
      </FONT></FONT></P></TD>
    <TD style="HEIGHT: 0.25pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="24%">
      <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=#181619><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=#181619 face=Calibri,sans-serif>2017</FONT></FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid" width="100%" colSpan=3>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=#181619><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=#181619 face=Calibri,sans-serif>There are no other regulations, changes in
      regulations or interpretations not yet in force that the Company expects
      to have a material impact when applied to its financial
      statements.</FONT></FONT></P></TD></TR>
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      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><I><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>b) relevant effects of changes in the accounting
      practices</FONT></I></B></P></TD></TR>
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    <TD style="HEIGHT: 19.45pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="100%" colSpan=3>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>As of January 1, 2013, the Company adopted the
      IFRS 10 &#8211; Consolidated Financial Statements, corresponding to CPC 36(R3) -
      &#8220;Consolidated Financial Statements&#8221; approved by CVM in December 2012 which
      establishes the reporting and preparation principles of the consolidated
      financial statements when an entity controls one or more entities and IFRS
      11 - Joint Arrangements, corresponding to CPC 19(R2) - "Joint Ventures"
      approved by CVM in November 2012, which requires a new valuation of joint
      arrangements, focusing on the agreement&#8217;s rights and obligations, instead
      of its legal form. IFRS 10 replaces the consolidation requirements of
      SIC-12 Consolidation of Special Purpose Entities and IAS 27 Consolidated
      and Separate Financial Statements. IFRS 11 replaces IAS 31 Interests in
      Joint Ventures and SIC-13 Jointly Controlled Entities &#8211; Non-Monetary
      Contributions by Ventures.</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Therefore, since the proportional consolidation
      method for companies deemed as joint ventures is no longer allowed, the
      Company no longer consolidates its jointly controlled entities, Nacional
      Min&#233;rios S.A., MRS Log&#237;stica S.A. and CBSI - Companhia Brasileira de
      Servi&#231;os de Infraestrutura and now record them by the equity method. In
      addition, in the adoption of IFRS 10 and 11, Management decided to adopt
      as accounting practice the removal of effects on results from transactions
      carried out with jointly controlled entities. As a result, part of equity
      in the earnings of subsidiaries was reclassified to financial expenses,
      cost of products sold, income tax and social contribution.</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>The Company also applied, as of January 1, 2013,
      the IFRS 12 &#8211; Disclosure of Interest in Other entities, corresponding to
      CPC 45 &#8211; &#8220;Disclosure of Interest in Other Entities&#8221; approved by CVM in
      December 2012, which requires disclosures on the nature of the Company&#8217;s
      interest in other entities, the risks related to these interests and the
      effects of these interests on profit or loss and on cash
    flows.</FONT></P></TD></TR>
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      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><I><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>c) qualified opinion and emphasis of matter in
      auditor&#8217;s report:</FONT></I></B></P></TD></TR>
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      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0.8in 6pt 0in; LINE-HEIGHT: normal"><B><U><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Qualified opinion</FONT></U></B></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0.8pt 6pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>There is no qualified opinion on the independent
      auditor&#8217;s report for the fiscal years ended in 2014, 2013 and
      2012.</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0.8in 6pt 0in; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Emphasis of matter:</FONT></B></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>The independent auditor's report emphasized, to
      the years of 2013 and 2012, that the Company's individual financial
      statements were prepared according to the accounting practices adopted in
      Brazil, which differ from IFRS, applicable to the separate financial
      statements, only referred to the valuation of investments in subsidiaries,
      associated companies and joint ventures by the equity method. For 2014,
      due to the introduction of IRFS 10, IFRS 11 and IFRS 12 along with the
      amendment of IAS 27, allowing the equity accounting method to be used,
      there are no longer any caveats.</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Restatement of corresponding amounts
      </FONT></B></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>In addition, in the opinion for the 2013 fiscal
      year, the auditors point out and the Company&#8217;s Management ratified that
      due to the change in the accounting policy referring to the application of
      the following accounting pronouncements: (i) IFRS 10 &#8211; Consolidated
      Financial Statements, corresponding to CPC 36 (R3) &#8211; Consolidated
      Financial Statements; (ii) IFRS 11 &#8211; Joint Arrangements, corresponding to
      CPC 19 (R2) &#8211; Joint Ventures, the related, individual and consolidated
      amounts referring to the balance sheet as of December 31, 2012 and related
      statements of income, comprehensive income, changes in shareholders&#8217;
      equity, cash flows and value added (additional information) for the fiscal
      year ended on that date, reported for comparison purposes, have been
      adjusted and restated as provided for CPC 23 &#8211; Accounting Policies,
      Changes in Estimates and Rectification or Errors, and the international
      standard IAS 8 Accounting Policies, Changes in Accounting Estimates and
      Errors and CPC 26 (R1) &#8211; Presentation of Financial Statements and the
      international standard IAS 1 (R) Presentation of Financial Statements.
      </FONT></P></TD></TR></TABLE></DIV>
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<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>10.5 Executive Officers should indicate and comment on
critical accounting policies adopted by the Company, including Management&#8217;s
accounting estimates concerning uncertain and relevant matters to describe the
Company&#8217;s financial situation and results that require subjective or complex
judgments, such as: provisions, contingencies, revenue recognition, tax credits,
long-lived assets, the useful life of non-current assets, pension plans, foreign
currency translation adjustments, environmental recovery costs, criteria for
impairment tests on assets and financial instruments. </FONT></I></B></P>
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    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: silver; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><I><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>The Company&#8217;s critical accounting
      policies:</FONT></I></B></P></TD></TR>
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    <TD style="HEIGHT: 19.45pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>The preparation of the financial statements
      </FONT><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>in accordance with the International Financial
      Reporting Standards (IFRS)</FONT><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif> </FONT><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>and the rules issued by the</FONT><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif> </FONT><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Brazilian&nbsp;Accounting Pronouncements Committee
      (CPC) requires the use of certain accounting estimates and also the
      judgment by the Company&#8217;s management in the process of adoption of the
      Company&#8217;s accounting policies</FONT><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>. </FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>The estimates are based on the best knowledge
      existing in each fiscal year. Changes in facts and circumstances may lead
      to a revision on these estimates. Therefore, </FONT><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>actual results may vary in relation to the
      estimates presented</FONT><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=#181619 face=Calibri,sans-serif>.</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=#181619 face=Calibri,sans-serif>The significant assumptions and estimates, which
      are considered by the Company&#8217;s Management as </FONT><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>requiring a higher judgment level and having
      greater complexity</FONT><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=#181619 face=Calibri,sans-serif> for the preparation of </FONT><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>financial statements</FONT><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=#181619 face=Calibri,sans-serif> are presented as follows: </FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; LINE-HEIGHT: 115%; TEXT-INDENT: -0.25in"><FONT style="LINE-HEIGHT: 115%" color=black><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>(a)</FONT></B><B><FONT style="FONT-SIZE: 7pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face="times new roman">&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 115%" color=black><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Fair value of business
      combination</FONT></B></FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>The identifiable assets acquired and liabilities
      undertaken in a business combination are measured at fair value on the
      acquisition date</FONT><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>, in compliance with CPC 15(R1) &#8220;Business
      Combination&#8221;. Consequently, when we determine the allocation of the
      acquisition price, there is an adjustment to the fair value of certain
      items&#8212;such as inventories, property, plant and equipment, mines, present
      value of noncurrent assets and liabilities&#8212;in accordance with valuation
      reports prepared by independent appraisers. The Company has 12 months
      (measurement term), as of the acquisition date, to additionally recognize
      better information on the fair value recognized on the acquisition date.
      </FONT><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>The acquisition method is applied to
      account for each Company&#8217;s business combination</FONT><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>. </FONT><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>The Company recognizes non-controlling interest in
      its financial statements by the proportional amount of the fair value of
      the acquired company&#8217;s net assets</FONT><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>.</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Goodwill is represented by the positive difference
      between paid and/or payable value for the purchase of a business and the
      net amount of fair value of assets and liabilities of the subsidiary
      acquired. If there is negative goodwill, the Company must recognize it
      immediately in the period&#8217;s results on the acquisition date.</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; LINE-HEIGHT: 115%; TEXT-INDENT: -0.25in"><FONT style="LINE-HEIGHT: 115%" color=black><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>(b)</FONT></B><B><FONT style="FONT-SIZE: 7pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face="times new roman">&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 115%" color=black><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Useful life of assets</FONT></B></FONT></P>
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 24pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=black><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif></FONT></FONT>&nbsp;</P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Depreciation is calculated by the straight-line
      method, based on the remaining economic useful life of the assets in
      accordance with Note 8 to the consolidated financial statements. The
      useful lives initially established by independent experts are revised at
      least once per year for all units. </FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>If some components of property, plant and
      equipment have different useful life, these components are separately
      recognized as property, plant and equipment items.</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; LINE-HEIGHT: 115%; TEXT-INDENT: -0.25in"><FONT style="LINE-HEIGHT: 115%" color=black><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>(c)</FONT></B><B><FONT style="FONT-SIZE: 7pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></B></FONT><FONT style="LINE-HEIGHT: 115%" color=black><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Mineral reserves and useful life of
      mines</FONT></B></FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=black><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif></FONT></B></FONT>&nbsp;</P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>The estimates of proven and probable mineral
      reserves are regularly evaluated and updated. These reserves are
      determined using generally accepted estimation techniques. Calculating the
      reserves requires the use of several assumptions by the mining team, and
      any changes in these assumptions can have a significant impact on recorded
      proven and probable reserves and useful life of mines.</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif></FONT>&nbsp;</P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; LINE-HEIGHT: 115%; TEXT-INDENT: -0.25in"><FONT style="LINE-HEIGHT: 115%" color=black><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>(d)</FONT></B><B><FONT style="FONT-SIZE: 7pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 115%" color=black><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Impairment of tangible and intangible
      assets</FONT></B></FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 24pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=black><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif></FONT></FONT>&nbsp;</P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Assets with an indefinite useful life, such as
      goodwill, are not subject to amortization and are tested on an annual
      basis to verify impairment. Assets subject to amortization or depreciation
      are revised for impairment purposes whenever events or changes in
      circumstances show that the book value may not be recoverable. The value
      recognized as impairment loss corresponds to the book value of the asset
      exceeding its recoverable value. The latter is the highest value between
      an asset fair value net of sale costs and its value in use. For the
      purposes of impairment valuation, assets are divided into the lowest
      levels for which there are identifiable cash inflows separately (CGUs).
      Non-financial assets, except for goodwill, which have been impaired, are
      subsequently reviewed to analyze a possible impairment reversal on the
      reporting date.</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>In the case of equity securities (shares)
      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. To determine what is considered a
      &#8220;significant&#8221; or &#8220;prolonged&#8221; decline requires judgment, which includes the
      assessment of several factors such as 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 industry and segment
      performance, changes in technology, and operating and financial cash
      flows.</FONT></P></TD></TR></TABLE></DIV>
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      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; LINE-HEIGHT: 115%; TEXT-INDENT: -0.25in"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>(e)</FONT></B><B><FONT style="FONT-SIZE: 7pt; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 115%"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Post-employment and pension
      benefits</FONT></B></FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT></B></FONT>&nbsp;</P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>The pension plans granted by the Company cover
      essentially all its employees. The amounts recorded depend on several
      assumptions, determined by actuarial calculation, in accordance with CPC
      33(R1) &#8211; Employee Benefits. These assumptions are described in Note 25 to
      the Company&#8217;s consolidated financial statements and include, among others,
      internal rate of return </FONT><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>and nominal wage growth. When the benefits of a
      plan are increased, the increased benefit portion relating to employee&#8217;s
      previous service is recognized in the statement of income at the
      straight-line method during the average period until benefits become
      vested. Under the condition that benefits become immediately vested,
      expense is instantly recognized in the income.</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>The Company opted to account for all actuarial
      gains and losses resulting from defined benefit plans directly in other
      comprehensive income, which later are transferred to retained profits or
      losses. If the plan is extinguished, all the accumulated actuarial gains
      and losses are recorded in the income</FONT><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>.</FONT></P>
      <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>The parent company and some subsidiaries offered a
      post-retirement healthcare benefit to its employees. The expected costs of
      these benefits are accumulated during the employment period, being
      calculated through the same accounting method used for defined benefit
      pension plans. </FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>These obligations are annually evaluated jointly
      with qualified independent actuaries.</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; LINE-HEIGHT: 115%; TEXT-INDENT: -0.25in"><FONT style="LINE-HEIGHT: 115%" color=black><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>(f)</FONT></B><B><FONT style="FONT-SIZE: 7pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></B></FONT><FONT style="LINE-HEIGHT: 115%" color=black><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Provisions</FONT></B></FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 24pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=black><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif></FONT></FONT>&nbsp;</P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Provisions for legal proceedings are
      recorded</FONT><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif> only when the expectation of loss is considered
      probable and an amount can be safely estimated. This determination is
      carried out jointly by the Company&#8217;s Management and legal advisors. The
      estimates are duly recognized in the financial statements in accordance
      with CPC 25 &#8211; Provisions, Contingent Liabilities and Contingent
      Assets.</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>The Company is party to legal suits&nbsp;and
      administrative proceedings involving tax issues which are deemed as
      unconstitutional, therefore the Company believes these taxes should not be
      paid. The amounts recorded for such tax disputes and other contingencies
      can undergo future changes due to developments in each case, including
      changes in the legislation, final court decisions specific for the
      Company, which in the uncertain legal Brazilian environment, as well as in
      other jurisdictions, require significant estimates and judgments to be
      made by the Company&#8217;s Management regarding the results of future events.
      More details on provisions can be found in Note 15 to the Company&#8217;s
      consolidated financial statements</FONT><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>.</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 24pt; LINE-HEIGHT: 115%; TEXT-INDENT: -0.25in"><FONT style="LINE-HEIGHT: 115%" color=black><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>(g)</FONT></B><B><FONT style="FONT-SIZE: 7pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 115%" color=black><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Deferred income tax and social
      contribution</FONT></B></FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Deferred tax is calculated based on temporary
      differences arising between the book values of assets and liabilities for
      accounting purposes and corresponding amounts applied for tax purposes.
      Any changes in the tax rates resulting from amendments to the legislation
      will lead to adjustments to the estimated deferred tax.</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Deferred tax assets and liabilities are offset
      when there is a 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 0in 10pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,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 0in 10pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,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><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>.</FONT></P></TD></TR></TABLE></DIV>
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      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; LINE-HEIGHT: 115%; TEXT-INDENT: -0.25in"><FONT style="LINE-HEIGHT: 115%" color=black><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>(h)</FONT></B><B><FONT style="FONT-SIZE: 7pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 115%" color=black><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Allowance for doubtful
      accounts</FONT></B></FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 24pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=black><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif></FONT></FONT>&nbsp;</P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>The allowance for doubtful accounts was
      established in an amount considered sufficient to support possible losses.
      Management&#8217;s assessment of these provisions takes into account the
      client&#8217;s history and financial situation and the opinion of our legal
      advisors regarding the receipt of these credits for the recording of this
      provision.</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; LINE-HEIGHT: 115%; TEXT-INDENT: -0.25in"><FONT style="LINE-HEIGHT: 115%" color=black><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>(i)</FONT></B><B><FONT style="FONT-SIZE: 7pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></B></FONT><FONT style="LINE-HEIGHT: 115%" color=black><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Fair value of derivative financial
      instruments</FONT></B></FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=black><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif></FONT></B></FONT>&nbsp;</P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.25in; LINE-HEIGHT: 115%; TEXT-INDENT: -0.25in"><FONT style="LINE-HEIGHT: 115%" color=black face=symbol><FONT style="FONT-SIZE: 10pt" color=black face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></FONT><FONT style="LINE-HEIGHT: 115%" color=black><FONT style="FONT-SIZE: 10pt" color=black face=Calibri,sans-serif>Derivative
      instruments </FONT></FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>The Company recognizes in its balance sheet all
      derivative financial instruments at fair value. 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;Financial result&#8221;. </FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>With regard to fair value measurement, it is
      necessary to consider factors such as future foreign exchange and interest
      rates. To better understand the possible impacts caused by fluctuations of
      exchange and interest rates on the Company&#8217;s main instruments and
      positions, see Note 11 to the Company&#8217;s consolidated financial
      statements.</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.25in; LINE-HEIGHT: 115%; TEXT-INDENT: -0.25in"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: line" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face=Calibri,sans-serif>Hedging activities</FONT></FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>The Company uses hedge accounting and designates
      certain financial liabilities as instruments for hedging foreign exchange
      risks in conjunction with the cash flows from forecast and highly probable
      exports (cash flow hedge).</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>At the start of the operation the Company
      registers the ratios between the hedge instruments and the items protected
      by hedge (forecast exports), as well as the objectives of risk management
      and the strategy for carrying out various hedge operations. The Company
      also registers its assessment, both at the start of and throughout the
      hedge operation, that the transaction is effective in offsetting
      variations in the cash-flows of the items protected by the
      hedge.</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>The effective part of the changes in the fair
      value of financial liabilities, designated and qualified as cash-flow
      hedge is recognized in shareholders&#8217; equity, under the heading &#8220;Hedge
      Accounting&#8221;. The gains or losses related to the non-effective part are
      recognized in the financial result, when applicable.</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>The cumulative values in shareholders&#8217; equity are
      shown in the income statement in the periods in which the forecast exports
      affect the result. </FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>When a hedge instrument lapses or is settled in
      advance, or the hedge ratio no longer meets the accounting criteria for
      Hedge Accounting, or when Management decides to discontinue hedge
      accounting, all cumulative gains or losses that are in shareholders&#8217;
      equity at that moment remain registered in shareholders&#8217; equity. When the
      forecast transaction is carried out, the gain or loss will be
      reclassified, and be transferred to the result. When it is no longer
      expected that a forecast operation will take place, the cumulative gain or
      loss which had been shown in shareholders&#8217; equity is immediately
      transferred to the result under the heading &#8220;Financial Result&#8221;.</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>The movements of the hedge values denominated as
      Export Cash-Flow Hedge are shown in note
11(iv).</FONT></P></TD></TR></TABLE>
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<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>10.6 Internal controls adopted to ensure the preparation
of reliable financial statements</FONT></I></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>:</FONT></P>
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      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><I><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>a) the degree of efficiency of these controls,
      indicating eventual inadequacies and measures adopted to correct
      them:</FONT></I></B></P></TD></TR>
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    <TD style="HEIGHT: 19.45pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>The Company possesses a Corporate Risk Management
      area, which is subordinate to the Executive Administrative Board, whose
      duty is to identify, measure and monitor operational, financial and
      strategic risks, in addition to ensuring compliance with the prevailing
      laws and regulations and the Company&#8217;s internal policies.</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Internal controls responsible for mitigating risks
      are executed by the operational areas and independently monitored by the
      Corporate Risk area, which prepares and accompanies action plans to
      correct any deficiencies identified and reported to the
      Management.</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>The Executive Internal Audit Board, which reports
      to the Board of Directors, is also responsible for monitoring internal
      controls through the performance of independent tests.</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>The Management believes in the efficiency of the
      internal controls adopted to ensure the quality, precision and reliability
      of its accounting statements.</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>The Management therefore believes that the
      Company&#8217;s accounting statements accurately represent the results of its
      operations, as well as its equity and financial situation on the
      respective dates.</FONT></P></TD></TR>
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      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><I><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>b) deficiencies and recommendations on internal
      controls included in the independent auditor&#8217;s
    report:</FONT></I></B></P></TD></TR>
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    <TD style="HEIGHT: 19.45pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>The independent auditor&#8217;s report for the fiscal
      year ended December 31, 2014 had not been completed at the moment when
      this Management Proposal was filed, therefore it was not possible to
      report its assessment on the internal controls, aiming to ensure the
      reliability and accurate preparation of the Company&#8217;s financial
      statements.</FONT></P></TD></TR></TABLE></DIV>
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<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>10.7 Aspects referring to eventual public offering of shares: </FONT></I></B></P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><I><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>a) how funds resulting from the offering were utilized:</FONT></I></B></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>The proceeds were used to repay short-term debts, to extend the debt profile and for general corporate purposes. </FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><I><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>b) any relevant discrepancy between the effective use of the funds and the funding proposals disclosed in the respective offering memorandum:</FONT></I></B></P></TD></TR>

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   <TD style="HEIGHT: 19.45pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Not applicable.</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><I><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>c) in case of any discrepancy, explain the reasons for such an event:</FONT></I></B></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Not applicable.</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT></I></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>10.8 Relevant items not disclosed in the Company's financial statements:</FONT></I></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif> </FONT></B></P>

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   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.7pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: silver; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><I><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>a) assets and liabilities directly or indirectly held by the Company that are not included in its balance sheet (off-balance sheet items), such as:</FONT></I></B></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 6pt 35.4pt; LINE-HEIGHT: normal"><B><I><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>(i) operating leases, taken and extended;</FONT></I></B></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 6pt 35.4pt; LINE-HEIGHT: normal"><B><I><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>(ii) receivable portfolio write-offs that create any risks or responsibilities for the Company, plus all relevant liabilities where applicable;</FONT></I></B></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 6pt 35.4pt; LINE-HEIGHT: normal"><B><I><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>(iii) future goods and services purchase and sale agreements;</FONT></I></B></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 6pt 35.4pt; LINE-HEIGHT: normal"><B><I><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>(iv) incomplete building agreements;</FONT></I></B></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 6pt 35.4pt; LINE-HEIGHT: normal"><B><I><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>(v) future loan proceed agreements.</FONT></I></B></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>The Company has the following relevant liabilities that are not included in its financial statements (amounts in R$ thousand):</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Take-or-Pay Agreements</FONT></B></FONT></P></TD></TR></TABLE>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Payments in the period</FONT></B></P></TD>

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

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

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

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

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

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

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

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

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

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

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

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Type of service</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>2013</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>2014</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>2016</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>2017</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>2018</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

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   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>After 2018</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>Total</FONT></B></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>&nbsp;</TD>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>&nbsp;</TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Transportation of iron ore, coal, coke, steel goods, cement, and mining goods.</FONT></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>300,381</FONT></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>263,266</FONT></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>658,028</FONT></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>584,926</FONT></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>515,810</FONT></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>515,810</FONT></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>3,910,977</FONT></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>6,185,551</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Unloading, storage, handling, loading, and road transportation services.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>5,570</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>9,046</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>9,046</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>18,092</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Electricity, natural gas, oxygen, nitrogen, argon, and iron ore pellet supply.</FONT></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>886,883</FONT></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,011,416</FONT></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>421,417</FONT></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>130,831</FONT></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>29,292</FONT></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>29,292</FONT></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>146,772</FONT></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>757,604</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Processing of blast furnace sludge generated during pig iron and steel production</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>50,964 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>49,739</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>9,731</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>7,074</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>7,074 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>7,074 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>30,065 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>61,018</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Manufacture, repair, recovery and production of ingot casting machine units.</FONT></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>40,596</FONT></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>40,250</FONT></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2,986</FONT></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2,986</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,278,824 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,370,241 </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,101,208 </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>731,877 </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>552,176 </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>552,176 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>4,087,814 </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 3px double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>7,025,251 </FONT></B></P></TD></TR>

<TR>

   <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom width="28%" noWrap><STRONG><FONT size=2 face=Calibri>Concession Agreements</FONT></STRONG></TD>

   <TD vAlign=bottom width="1%" noWrap></TD>

   <TD vAlign=bottom width="8%" noWrap>

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

   <TD vAlign=bottom width="1%" noWrap></TD>

   <TD vAlign=bottom width="8%" noWrap>

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

   <TD vAlign=bottom width="1%" noWrap>

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

   <TD vAlign=bottom width="8%" noWrap>

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

   <TD vAlign=bottom width="1%" noWrap>

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

   <TD vAlign=bottom width="8%" noWrap>

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

   <TD vAlign=bottom width="1%" noWrap>

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

   <TD vAlign=bottom width="8%" noWrap>

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

   <TD vAlign=bottom width="1%" noWrap>

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

   <TD vAlign=bottom width="8%" noWrap>

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

   <TD vAlign=bottom width="1%" noWrap></TD>

   <TD vAlign=bottom width="8%" noWrap>

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

   <TD vAlign=bottom width="1%" noWrap>

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

   <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B></P></TD></TR></TABLE><FONT style="LINE-HEIGHT: 115%"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT></B></FONT></DIV>

<DIV align=center>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="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-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="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-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="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-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="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-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="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-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="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-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="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-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="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-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Concession</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Type of service</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2016</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2017</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2018</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>After 2018</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 3.5pt" width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>MRS</FONT></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

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

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt" 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: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>90,697</FONT></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>90,697</FONT></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>90,697</FONT></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>90,697</FONT></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>658,345</FONT></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,021,133</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 3.5pt" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>FTL (Ferrovia Transnordestina Log&#237;stica)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt" 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 style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7,636</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7,636</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7,636</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7,636</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>64,273</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>94,817</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 3.5pt" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 3.5pt" width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Tecar</FONT></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

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

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt" 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: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>263,858</FONT></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>263,858</FONT></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>263,858</FONT></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>263,858</FONT></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,055,432</FONT></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid; BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,110,864</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 3.5pt" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 3.5pt" width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Tecon</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt" 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 style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>25,965</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>25,965</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>25,965</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>25,965</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>181,758</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>285,618</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 3.5pt" width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

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

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

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

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>388,156</FONT></B></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>388,156</FONT></B></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>388,156</FONT></B></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>388,156</FONT></B></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #dbe5f1; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,959,808</FONT></B></P></TD>

   <TD style="BACKGROUND: #dbe5f1; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; BACKGROUND: #dbe5f1; BORDER-BOTTOM: #000000 3px double; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,512,432</FONT></B></P></TD></TR></TABLE></DIV>

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   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><I><FONT style="FONT-SIZE: 10pt" face=Calibri,sans-serif>b) other items not included in the financial statements:</FONT></I></B></P></TD></TR>

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   <TD style="HEIGHT: 19.45pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt" face=Calibri,sans-serif>Not applicable.</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Calibri>31</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 6pt 0pt; LINE-HEIGHT: normal"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT></I></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 6pt 0pt; LINE-HEIGHT: normal"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>10.9. With regard to each item not included in the financial statements indicated in item 10.8, comment on the following:</FONT></I></B></P>

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   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: silver; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><I><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>a) how such items change, or may change in the future, the revenues, expenses, operating result, financial expenses or other items in the Company&#8217;s financial statements:</FONT></I></B></P></TD></TR>

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   <TD style="HEIGHT: 19.45pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>See item 10.8</FONT></P></TD></TR>

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   <TD style="HEIGHT: 11pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: silver; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><I><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>b) the nature and purpose of the operation:</FONT></I></B></P></TD></TR>

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   <TD style="HEIGHT: 19.45pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>See item 10.8</FONT></P></TD></TR>

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   <TD style="HEIGHT: 11pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: silver; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><I><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>c) the nature and amount of the obligations assumed and rights created in favor of the Company as a result of the operation:</FONT></I></B></P></TD></TR>

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   <TD style="HEIGHT: 19.45pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>See item 10.8</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT></I></B>&nbsp;</P>

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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Calibri>32</FONT></P>

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<a name="_bclHeader33"></a><DIV><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT></I></B>&nbsp;</DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; TEXT-INDENT: 0pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>10.10. Main elements of the Company's business plan:</FONT></I></B></P>

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   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: silver; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 3pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><I><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>a) investments, including:</FONT></I></B></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 3pt 35.4pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><I><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>(i) a quantitative and qualitative description of investments in progress and estimated investments;</FONT></I></B></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 3pt 35.4pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><I><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>(ii) sources of investment funding; and </FONT></I></B></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 3pt 34.6pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><I><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>(iii) material divestments in progress and estimated divestments.</FONT></I></B></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><I><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>b) acquisitions already announced of plants, equipment, patents or other assets that may materially affect the Company&#8217;s production capacity;</FONT></I></B></P></TD></TR>

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   <TD style="HEIGHT: 19.45pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 10pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><U><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Quantitative and qualitative description of investments in progress and estimated investments</FONT></U></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>The Company&#8217;s operational activities require regular investments aimed at increasing its productivity and operational efficiency and expanding its productive capacity in its steel, mining, logistics, cement and energy businesses.</FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>In 2014, the investments made by the Company came to a total of R$2,236 million, mainly in the following sectors:</FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: left; MARGIN: 6pt 0in 6pt 17.85pt; LINE-HEIGHT: normal; TEXT-INDENT: -17.85pt"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=wingdings>&#252;</FONT><FONT style="FONT-SIZE: 7pt; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">&nbsp; </FONT><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Mining: R$699 million;</FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 6pt 0in 6pt 17.85pt; LINE-HEIGHT: normal; TEXT-INDENT: -17.85pt"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=wingdings>&#252;</FONT><FONT style="FONT-SIZE: 7pt; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">&nbsp; </FONT><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Steel Production: R$565 million;</FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 6pt 0in 6pt 17.85pt; LINE-HEIGHT: normal; TEXT-INDENT: -17.85pt"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=wingdings>&#252;</FONT><FONT style="FONT-SIZE: 7pt; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">&nbsp; </FONT><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Cement: R$506 million;</FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 6pt 0in 6pt 17.85pt; LINE-HEIGHT: normal; TEXT-INDENT: -17.85pt"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=wingdings>&#252;</FONT><FONT style="FONT-SIZE: 7pt; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">&nbsp; </FONT><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Logistics: R$423 million.</FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 6pt 0in 6pt 17.85pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>In 2013, the Company&#8217;s investments totaled R$2,827 million, of which R$1,659 million was invested in the Parent Company, with the following highlights: </FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 6pt 0in 6pt 17.85pt; LINE-HEIGHT: normal; TEXT-INDENT: -17.85pt"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=wingdings>&#252;</FONT><FONT style="FONT-SIZE: 7pt; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">&nbsp; </FONT><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Casa de Pedra mine and Port of Itagua&#237;: R$638 million;</FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 6pt 0in 6pt 17.85pt; LINE-HEIGHT: normal; TEXT-INDENT: -17.85pt"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=wingdings>&#252;</FONT><FONT style="FONT-SIZE: 7pt; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">&nbsp; </FONT><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Long Steel: R$351 million;</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 6pt 0.25in; LINE-HEIGHT: normal; TEXT-INDENT: -0.25in"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=wingdings>&#252;</FONT><FONT style="FONT-SIZE: 7pt; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">&nbsp; </FONT><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Expansion of cement production capacity: R$239 million.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>The remaining balance of R$1,168 million was invested in subsidiaries and jointly-owned subsidiaries, with the following highlights: </FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 6pt 0in 6pt 17.85pt; LINE-HEIGHT: normal; TEXT-INDENT: -17.85pt"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=wingdings>&#252;</FONT><FONT style="FONT-SIZE: 7pt; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">&nbsp; </FONT><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Transnordestina: R$667 million;</FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 6pt 0in 6pt 17.85pt; LINE-HEIGHT: normal; TEXT-INDENT: -17.85pt"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=wingdings>&#252;</FONT><FONT style="FONT-SIZE: 7pt; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">&nbsp; </FONT><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>MRS: R$247 million;</FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 6pt 0in 6pt 17.85pt; LINE-HEIGHT: normal; TEXT-INDENT: -17.85pt"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=wingdings>&#252;</FONT><FONT style="FONT-SIZE: 7pt; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">&nbsp; </FONT><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Container terminal - Tecon: R$115 million;</FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 6pt 0in 6pt 17.85pt; LINE-HEIGHT: normal; TEXT-INDENT: -17.85pt"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=wingdings>&#252;</FONT><FONT style="FONT-SIZE: 7pt; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">&nbsp; </FONT><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Namisa: R$40 million.</FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 6pt 0in 6pt 17.85pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>In 2012, the Company&#8217;s investments totaled R$3,144 million, of which R$1,627 million was invested in the Parent Company, as follows:</FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 6pt 0in 6pt 17.85pt; LINE-HEIGHT: normal; TEXT-INDENT: -17.85pt"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=wingdings>&#252;</FONT><FONT style="FONT-SIZE: 7pt; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">&nbsp; </FONT><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Expansion of the Casa de Pedra mine and Port of Itagua&#237;: R$381 million;</FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 6pt 0in 6pt 17.85pt; LINE-HEIGHT: normal; TEXT-INDENT: -17.85pt"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=wingdings>&#252;</FONT><FONT style="FONT-SIZE: 7pt; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">&nbsp; </FONT><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Construction of long steel mill: R$454 million;</FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 6pt 0in 6pt 17.85pt; LINE-HEIGHT: normal; TEXT-INDENT: -17.85pt"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=wingdings>&#252;</FONT><FONT style="FONT-SIZE: 7pt; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">&nbsp; </FONT><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Expansion of clinker mill: R$73 million.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>The remaining balance of R$1,517 million was invested in its subsidiaries or jointly-owned subsidiaries, with the following highlights:</FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 6pt 0in 6pt 17.85pt; LINE-HEIGHT: normal; TEXT-INDENT: -17.85pt"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=wingdings>&#252;</FONT><FONT style="FONT-SIZE: 7pt; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">&nbsp; </FONT><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Transnordestina Log&#237;stica: R$984 million;</FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 6pt 0in 6pt 17.85pt; LINE-HEIGHT: normal; TEXT-INDENT: -17.85pt"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=wingdings>&#252;</FONT><FONT style="FONT-SIZE: 7pt; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">&nbsp; </FONT><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>MRS Log&#237;stica: R$328 million.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>The Company&#8217;s main planned investments are detailed below:</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P></TD></TR></TABLE>

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   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Mining (iron ore)</FONT></B></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>In the first phase, CSN intends to increase Casa de Pedra&#8217;s production capacity to 40 million tonnes of iron ore per year, while the Port of Itagua&#237;/RJ (Tecar) has reached a capacity of 45 million tonnes in 2013.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Steel</FONT></B></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>CSN has been diversifying its steel activities, entering the long steel segment through the opening in 2014 a long steel mill in Volta Redonda/RJ, with a production capacity for 500,000 tonnes per year, including rebar and wire rods. </FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>With regard to long steel, CSN has been expanding its service centers, having invested recently in the expansion of the hot-rolling mill in Mogi das Cruzes/SP, and assessing opportunities for projects to reduce costs, and increase productivity and energy efficiency. </FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Cement</FONT></B></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>In 2009, CSN Cimentos opened its first factory in Volta Redonda, with an annual capacity of 2.4 million tonnes of cement. </FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Furthermore, CSN is implementing a cement windmill and clinker furnace in Arcos, where the Company already operates a clinker furnace using own-mine limestone. With this project, annual cement production capacity in the Southeast Region should rise to roughly 5.4 million tonnes.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Transnordestina Log&#237;stica S.A. &#8211; TLSA</FONT></B></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>With support from the federal government, TLSA is building Nova Transnordestina, a 1,728 km-long railway connecting the railway 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>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>The railway&#8217;s projected annual operating capacity of 30 million tonnes will play a significant 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: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=PT-BR style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>FTL - Ferrovia Transnordestina Log&#237;stica S.A.</FONT></B></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Recently created company with the purpose of incorporating the spun-off portion of Transnordestina Log&#237;stica S.A. and operating the former Northeastern Network. Concession of a 30-year term, granted on December 31, 1997, renewable for an additional 30 years, 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.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Ports (Tecon)</FONT></B></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>The container terminal (Tecon), managed by Sepetiba Tecon S.A., CSN&#8217;s subsidiary, is a hub port. According to the Brazilian Association&nbsp;of&nbsp;Public Use Container Terminals (ABRATEC), Tecon is the largest container terminal in Rio de Janeiro and one of the largest in its segment in Brazil.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>To expand Tecon, the Company is concluding the equalization of Berth 301. This project aims to transform Berth 301 into a continuous quay, allowing simultaneous operation of large vessels, which will increase the terminal&#8217;s capacity para 440,000 containers per year. </FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Energy</FONT></B></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; TEXT-INDENT: 0in"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>In the energy segment, the Company installation of a top&nbsp;rotor shaft has been concluded, with capacity for 21MW, in the Blast Furnace 3 of the Presidente Vargas mill, in Volta Redonda/RJ.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Sources of Funding for Investments</FONT></B></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>The Company expects to finance these investments through its own cash, public or private financing, and/or strategic partnership.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Material Divestments in Progress and Estimated Divestments</FONT></B></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>There are currently no material divestments in progress or estimated divestments. </FONT></P></TD></TR></TABLE>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 3pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><I><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>c) new products and services, including: </FONT></I></B></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 3pt 35.45pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><I><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>(i) description of research in progress that has already been disclosed;</FONT></I></B></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 3pt 35.45pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><I><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>(ii) total amounts spent by the Company on research to develop new products or services;</FONT></I></B></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 3pt 35.45pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><I><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>(iii) projects under development already disclosed; and</FONT></I></B><B><I><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=green face=Calibri,sans-serif> </FONT></I></B></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 6pt 35.4pt; LINE-HEIGHT: normal"><B><I><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>(iv) total amounts spent by the Company on the development of new products or services. </FONT></I></B></P></TD></TR>

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   <TD style="HEIGHT: 19.45pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>CSN invests in research and development to improve its products and processes, aiming to meet market demands and expectations of its clients. Among the products developed, the following stand out:</FONT></FONT></P>

   <UL style="MARGIN-BOTTOM: 0in; MARGIN-TOP: 0in" type=disc>

   <LI style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Consolidation in the Brazilian automobile market of dual-phase High Resistance Advanced Galvanized Steel CSN DUAL PHASE 600;</FONT></FONT>

   <LI style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Consolidation in the Brazilian automobile market of dual-phase High Resistance Advanced Galvanized Steel CSN FERRITA-BAINITA 450 and 590;</FONT></FONT>

   <LI style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Consolidation in the Brazilian Civil Construction and Silos market of High Resistance Galvanized Steel ZAR 400;</FONT></FONT>

   <LI style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Consolidation in the domestic market of the product metal foil, class TH 415, developed for aerosol containers;</FONT></FONT>

   <LI style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Consolidation of the Hot-Rolled Pickled High Resistance Low Alloy Steel (ARBL) of classes 420 and 500 MPa for the Auto-Parts segment;</FONT></FONT>

   <LI style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Development of the product Steel Wire mesh and Drawing Quality;</FONT></FONT>

   <LI style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Development of W Tri-Certificated Rolled Steel Profile (SWT);</FONT></FONT> </LI></UL>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.5in; LINE-HEIGHT: 115%; TEXT-INDENT: -0.25in"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt" face=Calibri,sans-serif>Development of Rebar </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt" face=Calibri,sans-serif>category CA-25 and CA-50.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Expenses on research for innovation of new products and services totaled R$3,662 thousand in 2014.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>The following projects are in the development phase:</FONT></FONT></P>

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   <LI style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Advanced high strength DUAL PHASE 800 and 1000, for application to the bodies of Brazilian automobiles which have new vehicle security requirements due to the INOVAR-AUTO program of the federal government;</FONT></FONT>

   <LI style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Galvanized Steel for Hot Stamping CSN PHS 1500 and of the process for obtaining parts using this method;</FONT></FONT>

   <LI style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Galvanized high mechanical resistance and good compliance IF (Interstitial Free) Steel &#8211; Classes 260 and 300;</FONT></FONT>

   <LI style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>High Resistance Low Alloy Galvanized Steel (ARBL) for applications in the Silo and Civil Construction markets &#8211; Classes 450, 500 and 550;</FONT></FONT> </LI></UL>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: 115%; TEXT-INDENT: -0.25in"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt" face=Calibri,sans-serif>Dual-Phase Advanced Cold-Rolled High Resistance Steel CSN DUAL PHASE 600.</FONT></FONT></P>

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   <LI style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Wire Rod with the utilization of IF (Interstitial Free) steel, due to CSN&#8217;s unique synergy for operations between long and flat products;</FONT></FONT>

   <LI style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>New metallic foil packaging for condensed milk (Slim Can), with reduction in the thickness of the steel and internal coating, paper label and easy to open lid;</FONT></FONT>

   <LI style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Development of CHQ (Cold Heading Quality) Wire Rod;</FONT></FONT>

   <LI style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Development of low-ohm resistance Wire Rod.</FONT></FONT> </LI></UL>

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt 0.25in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>The total expenses on the development of new products and services came to R$14,236 thousand in 2014.</FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif> </FONT></FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><I><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>10.11 Other factors significantly impacting operating performance that were not identified or commented on in other items of this section.</FONT></I></B></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>All relevant and pertinent information was identified or commented on in the other items in this section.</FONT></P></TD></TR></TABLE></DIV></DIV>

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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Calibri>35</FONT></P>

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<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: #4f81bd 1pt solid; PADDING-BOTTOM: 4pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">
<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.25pt; TEXT-AUTOSPACE: ideograph-numeric" color=#17365d face=Calibri,sans-serif>ATTACHMENT II &#8211; Information on Management
compensation</FONT></B></P></DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><I><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>(in accordance with Item 13 of Attachment 24 of CVM Rule
480)</FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0pt 6pt 0in; LINE-HEIGHT: normal"><B><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-VARIANT: normal"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.25pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT></I></B></FONT></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0pt 6pt 0in; LINE-HEIGHT: normal"><B><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-VARIANT: normal"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.25pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>13.1 Policies and practices for the compensation of
members of the board of directors, executive board, fiscal council, statutory
committees, audit, risk and financial and compensation committees, addressing
the following aspects:</FONT></I></B></FONT></FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>a. objectives of the compensation policy or
practice:</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><U><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Board of Directors:</FONT></U></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>The Company offers compensation compatible with each
position&#8217;s responsibilities, considering that the Board of Directors determines
the Company&#8217;s guidelines, overseeing their implementation by the Company&#8217;s
executive officers.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><U><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Statutory </FONT></U></FONT><FONT style="LINE-HEIGHT: 115%"><U><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Executive </FONT></U></FONT><FONT style="LINE-HEIGHT: 115%"><U><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Board:</FONT></U></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>The Company collaterals competitive compensation, in
line with that offered in the market to senior management, compatible with each
position&#8217;s responsibilities, taking into consideration the executive&#8217;s
responsibility and commitment to the Company&#8217;s strategic goals, within an
increasingly competitive and globalized scenario.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><U><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Non-Statutory </FONT></U></FONT><FONT style="LINE-HEIGHT: 115%"><U><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Executive </FONT></U></FONT><FONT style="LINE-HEIGHT: 115%"><U><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Board:</FONT></U></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>The Company&#8217;s compensation practices focus on ensuring
both internal equilibrium (between members of management) and external
equilibrium (compensation that is competitive in relation to the market) to
attract, retain and motivate its executives and achieve the Company&#8217;s strategic
goals, within an increasingly competitive and globalized scenario.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><U><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Audit Committee:</FONT></U></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>The Company collaterals compensation compatible with the
position&#8217;s responsibilities, considering that audit committee members have to
guarantee transparency of information and render accounts to management.
</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=red><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=red face=Calibri,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>b. compensation breakdown,
including:</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>(i) a description of the compensation elements and the
purpose of each;</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><U><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Board of Directors:</FONT></U></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.2pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Members of the Board of Directors receive fixed
remuneration only, i.e. a monthly salary determined by the Board of Directors&#8217;
meeting, guaranteeing compensation compatible with the position. All Board
members are paid the same amount, except for those who are also members of the
Audit Committee and, therefore, receive an additional amount due to the exercise
of both positions</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><U><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Statutory Executive Board:</FONT></U></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.2pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Members of the </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Executive Board</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.2pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif> are entitled to overall annual compensation comprising
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>a fixed portion (monthly salary) and a </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.2pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>variable</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif> portion (bonus </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.2pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>based on goals achieved </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>and other bonuses*), </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.2pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>ensuring compensation compatible with their
positions</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>* Other Bonuses: The</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.2pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif> Company may eventually pay extra bonuses as part of
variable compensation as recognition for specific jobs, projects or special
goals, basically linked to said projects. These bonuses are usually calculated
based on monthly salaries or other compensation elements compatible with the
expected outcome expected of the project as well as the goals attributed to each
executive officer</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>.</FONT><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.2pt; TEXT-AUTOSPACE: ideograph-numeric" color=red face=Calibri,sans-serif> </FONT></STRIKE></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.2pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>They are also entitled to other benefits, including a
health plan, dental plan, life insurance, private pension plan and an annual
health checkup. The Company&#8217;s CEO is also entitled to a helicopter and two
armored vehicles and driver.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><U><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Non-Statutory Executive Board:</FONT></U></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.2pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Members of the Non-Statutory </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Executive Board</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.2pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif> receive fixed and variable compensation. The fixed
portion includes a monthly salary, paid vacations and the mandatory
13<SUP>th</SUP> salary, in accordance with the labor laws, aiming to guarantee
compensation compatible with their positions</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>. The variable compensation offers the possibility to
earn more than the salary, depending on the </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.2pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>results achieved by the Company and the officer&#8217;s
specific area</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>, </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.2pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>as well as individual performance</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif> or strategy of attraction and retention. The variable
compensation is paid </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.2pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>annually as part of the profit sharing program, ensuring
compensation compatible with their positions</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.2pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Other benefits include a health plan, dental plan, life
insurance, private pension plan, meal and supermarket vouchers, an annual health
checkup,</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif> and </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.2pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>bonus for voluntary vacation</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><U><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Audit Committee:</FONT></U></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.2pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Members of the Audit Committee receive fixed
remuneration only, comprising a monthly salary determined by a Board of
Directors&#8217; meeting, ensuring compensation compatible with the
position.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif> </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>(ii) the proportion of each component in relation to
overall compensation;</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.2pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>In the case of members of the Board of Directors and
Audit Committee, their fixed compensation represents 100% of their overall
compensation</FONT></FONT><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.2pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>In the case of members of the Statutory and
Non-Statutory </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Executive Board, their </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.2pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>fixed compensation generally corresponds to 100% of
their total compensation. In certain cases, however, the proportions will be 50%
fixed and 50% variable, or a different ratio that better matches the executive
officer&#8217;s responsibilities and the conditions agreed upon with the
Company</FONT></FONT><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=black><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>&shy;</FONT></B></FONT><FONT style="LINE-HEIGHT: 115%"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>(iii) methodology for calculating and adjusting each
compensation element;</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><U><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Board of Directors:</FONT></U></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.2pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>The fixed annual compensation of the Board of Directors'
members is paid in 12 monthly installments, and there are no previously
established adjustment criteria</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 1pt; TEXT-DECORATION: none; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><U><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Statutory Executive Board:</FONT></U></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.2pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>The fixed annual compensation is paid in 12 monthly
installments</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>, besides the possibility of variable compensation, as
mentioned above. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>The variable compensation is </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.2pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>paid within the calendar year in a pre-defined month,
which may vary with each officer, but, in general, payment is in April of each
year after the percentage of goals achieved has been verified</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.2pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>The overall compensation (salary + bonus) is determined
at the beginning of each 2-year mandate and may be renegotiated upon contract
renewal if in the interest of both parties</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>.</FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 6pt 9.65pt 10pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 1pt; TEXT-DECORATION: none; LETTER-SPACING: -0.2pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT></FONT>&nbsp;</P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 6pt 9.65pt 10pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.2pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Non-Statutory Executive Board:</FONT></U></FONT><FONT style="LINE-HEIGHT: 115%"><B><I><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.2pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif> </FONT></U></I></B></FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 6pt 9.65pt 10pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.2pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Fixed annual compensation is paid in thirteen monthly
installments. Non-Statutory Officers also receive 33.33% of their monthly salary
as a vacation payment as provided by labor legislation, and an extra 36.67% of
their salary as a bonus for voluntary vacations. </FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Pay rises are determined based on salary variations on
the executive market, based on the assessment of an independent specialized
consulting firm, or based on accrued inflation in the last twelve months. Pay
rises are annual. The variable compensation is paid every April,
</FONT></FONT><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.2pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>after the percentage of goals achieved has been
verified</FONT></FONT><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>, and executive officers may receive up to 12
salaries.</FONT></FONT></P>
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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 6pt 9.65pt 10pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><U><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Audit Committee: </FONT></U></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.2pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>The fixed annual compensation of the </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>members of the Audit Committee is paid in 12 monthly
installments. There are no pre-defined adjustment criteria.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>&nbsp;</FONT></I><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>(iv) reasons that justify </FONT></I></B></FONT><FONT style="LINE-HEIGHT: 115%"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.2pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>each compensation element</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.2pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>BOARD OF DIRECTORS: fixed compensation based on market
practices</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.2pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>STATUTORY EXECUTIVE OFFICERS: fixed compensation based
on market practices and variable compensation based on the Company&#8217;s results and
individual performance</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>.</FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 6pt 9.65pt 10pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.2pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>NON-STATUTORY EXECUTIVE OFFICERS: fixed compensation
based on market practices and variable compensation based on the Company&#8217;s
results and individual performance. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.2pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>AUDIT COMMITTEE: fixed compensation based on market
practices</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.2pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>NOTE: The variable compensation is based on the
Company&#8217;s results, and those of the officer&#8217;s specific area, as well as
individual performance</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>c. </FONT></I></B></FONT><FONT style="LINE-HEIGHT: 115%"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.2pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>main performance indicators for determining each
compensation element</FONT></I></B></FONT><FONT style="LINE-HEIGHT: 115%"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>:</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.2pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Fixed compensation: the responsibilities of the
position, based on evaluation through a specific methodology, conducted by an
external consulting firm specialized in compensation</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.2pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Variable compensation: based on the results of the
Company and each specific operational segment that may be subordinated to the
executive officer</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif> or non-statutory executive officer. </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.2pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>The indicators taken into consideration</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>, whether relating to the Company or the operational
segments, </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.2pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>include net income, net revenue, total expenses before
depreciation and EBITDA margin</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>. </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.2pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>A percentage of each executive officer&#8217;s variable
compensation is based on pre-determined individual goals</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>. </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.2pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Executive officers may also receive additional variable
portion as recognition for specific jobs, projects or special goals
attained</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>d. </FONT></I></B></FONT><FONT style="LINE-HEIGHT: 115%"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.2pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>the structuring of compensation to reflect the evolution
of performance indicators</FONT></I></B></FONT><FONT style="LINE-HEIGHT: 115%"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>:</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.2pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>At the beginning of each year, the Company defines its
overall goals. Subsequently, these goals are divided, as applicable, among the
Company&#8217;s different operational segments, so that each executive officer is able
negotiate the specific goals that each operational segment should achieve. In
addition, each executive officer also negotiates his own individual goals to be
achieved in the same fiscal year. Compliance with these goals is periodically
assessed throughout the year and verified at year-end. The final assessment is
one of the parameters used to calculate the variable compensation, along with
the percentage achievement of each indicator described in sub-item &#8220;c&#8221; above.
Maximum variable compensation is based on salary units paid to the executive
officer</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif> or non-statutory executive officer</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.2pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>, and the final amount will correspond to the level of
attainment of the goals, in accordance with the scale negotiated with the
executive officer</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif> or non-statutory executive officer.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.2pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>It is also noteworthy that all goals established for
each executive officer</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.2pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>correspond to a certain percentage of achievement of the
goals mentioned above given that, in general, 50% of the weighted average will
correspond to the Company&#8217;s financial indicators and the operational segment
under the responsibility of said executive officer, and the remaining 50%, to
his individual performance</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>e. </FONT></I></B></FONT><FONT style="LINE-HEIGHT: 115%"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.2pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>alignment of compensation policies and practices with
the Company&#8217;s interest in the short, medium and long
term</FONT></I></B></FONT><FONT style="LINE-HEIGHT: 115%"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>:</FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.2pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>The Company&#8217;s compensation policy is in line with its
short, medium and long-term interests, determined by the Strategic Management
Cycle, through which goals are broken down through strategic planning, budget
planning, performance follow-up and verification of results, establishing
performance-based compensation. These practices are sustained due to</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>:</FONT></P>
<UL style="MARGIN-BOTTOM: 0in; MARGIN-TOP: 0in" type=disc>
  <LI style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>A focus on
  strategic objectives, involving initiatives that significantly contribute to
  the continuous improvement of the Company&#8217;s performance.</FONT>
  <LI style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.2pt" face=Calibri,sans-serif>Assessment and verification of the organization's
  results objectives envisaged in the budget and variations to judge if these
  objectives are being complied with</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>.</FONT>
  <LI style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.2pt" face=Calibri,sans-serif>Determination based on a breakdown of the Company&#8217;s
  goals</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>.</FONT>
  <LI style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.2pt" face=Calibri,sans-serif>Clear description, formulas and pre-defined sources,
  ensuring easy understanding and verification</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>.</FONT>
  <LI style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.2pt" face=Calibri,sans-serif>Comparison of best practices and standardization of
  the evaluation</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>.</FONT> </LI></UL>
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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Calibri>38</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 6pt 0.5in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.2pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>These elements are aimed at excellence of the Company&#8217;s
results</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.2pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>For 2015, the Company is studying to implement
share-based variable compensation plan. The study will include the objective and
all details of the program (items such as the eligible, alignment with the
Company&#8217;s interests, conditions for share acquisition, criteria for establishing
the acquisition and exercise price, exercise term, criteria for suspension,
change or extinction of the plan, etc).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.2pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>The study will consider if the global macroeconomic
conditions also are favorable for the implementation of the program in 2015.
</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.2pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Even through the preliminary study is oriented to a
share-based program, there could be a new orientation to a different
compensation model in line with the strategy of attraction and retention of
managers, with the long-term goal to align the interests of the Company and
those of its managers.</FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 6pt 9.65pt 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>f. existence of compensation supported by direct or
indirect subsidiaries or controlling companies:</FONT></I></B></FONT><FONT style="LINE-HEIGHT: 115%"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.2pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif> </FONT></I></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.2pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>There is no compensation supported by direct or indirect
subsidiaries or controlling companies</FONT></FONT><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>. </FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>g. </FONT></I></B></FONT><FONT style="LINE-HEIGHT: 115%"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.2pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>existence of any compensation or benefit bound to a
specific corporate event such as disposal of the Company&#8217;s
control</FONT></I></B></FONT><FONT style="LINE-HEIGHT: 115%"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>:</FONT></I></B></FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 6pt 9.65pt 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.2pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>There is no compensation or benefit bound to corporate
events</FONT></FONT><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>. </FONT></FONT></P>
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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Calibri>39</FONT></P>
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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 6pt 0in"><B><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-VARIANT: normal" face=calibri,sans-serif><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal; LETTER-SPACING: 0.25pt" face=calibri,sans-serif>13.2 Total compensation of the Board of Directors,
Statutory Executive Board and Fiscal Council</FONT></FONT></FONT></B></H2>
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    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="100%" colSpan=5>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Total compensation for the fiscal year ended
      December 31, 2012 &#8211; Annual Amounts</FONT></B></P></TD></TR>
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    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="32%">
      <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Board of Directors</FONT></B></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Statutory Executive Board</FONT></B></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Fiscal Council</FONT></B></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Total</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>No. of members&#185;</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 11pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>6.67</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 11pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>6.25</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 11pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 11pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>12.91</FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Fixed annual compensation</FONT></B></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$1,536,000</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$9,370,291</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$10,906,291</FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Salary or </FONT><I><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>pro labore</FONT></I></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$960,000</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$6,623,189</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$7,583,189</FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Direct and indirect benefits</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$1,422,465</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$1,422,465</FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Participation in committees</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$320,000</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$0</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$320,000</FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Other</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R 256,000</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$1,324,638</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$1,580,638</FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Variable compensation</FONT></B></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$19,632,854</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$19,632,854</FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Bonus</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$16,360,711</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$16,360,711</FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Profit sharing</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$0</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$0</FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Participation in meetings</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$ 0</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$ 0</FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Commissions</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$ 0</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$ 0</FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Other</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$3,272,142</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$3,272,142</FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Post-employment benefits</FONT></B></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$114,537</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$114,537</FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Benefits due to interruption of
      position</FONT></B></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$0</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$0</FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Share-based compensation</FONT></B></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$0</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$0</FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Total compensation</FONT></B></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$1,536,000</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$29,117,682</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$0</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$30,653,682</FONT></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.2pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>&#185;</FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif> The number of members of each body corresponds to the
annual average of the number of members of each body calculated on a monthly
basis with two decimal digits.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Number of members of the Board of Directors
in</FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif> 2012: 80/</FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>12 months </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>= 6.67 members</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Number of members of the Executive Board in </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>2012: 75/</FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>12 months </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>= 6.25 members</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Calibri>40</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_41></A>
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  <TR>
    <TD width="100%" align=right><IMG border=0 src="logo.gif">&nbsp;</TD></TR></TABLE>
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  <TR style="HEIGHT: 30pt">
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="100%" colSpan=5>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Total compensation for the fiscal year ended
      December 31, 2013 &#8211; Annual Amounts</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="32%">
      <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Board of Directors</FONT></B></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Statutory Executive Board</FONT></B></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Fiscal Council</FONT></B></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Total</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>No. of members&#185;</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>7.00</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>6.00</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>13.00</FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Fixed annual compensation</FONT></B></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$1,641,600</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$10,860,312</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$12,501,912</FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Salary or </FONT><I><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>pro labore</FONT></I></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$1,008,000</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$7,154,018</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$8,162,018</FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Direct and indirect benefits</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$2,275,490</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$2,275,490</FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Participation in committees</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$360,000</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$0</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$360,000</FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Other</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$273,600</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$1,430,804</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$1,704,404</FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Variable compensation</FONT></B></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$17,038,199</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$17,038,199</FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Bonus</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$14,198,499</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$14,198,499</FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Profit sharing</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$0</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$0</FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Participation in meetings</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$0</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$0</FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Commissions</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$0</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$0</FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Other</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$2,839,700</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$2,839,700</FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Post-employment benefits</FONT></B></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$117,712</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$117,712</FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Benefits due to interruption of
      position</FONT></B></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$0</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$0</FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Share-based compensation&#178;</FONT></B></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$0</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$0</FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Total compensation</FONT></B></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$1,641,600</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$28,016,222</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$0</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$29,657,822</FONT></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.2pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>&#185;</FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif> The number of members of each body corresponds to the
annual average of the number of members of each body calculated on a monthly
basis with two decimal digits.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Number of members of the Board of Directors
in</FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif> 2013: 84/</FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>12 months </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>= 7 members</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Number of members of the Executive Board in </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>2013: 72/</FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>12 months </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>= 6 members</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.2pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal">&nbsp;</P>
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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Calibri>41</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_42></A>
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  <TR>
    <TD width="100%" align=right><IMG border=0 src="logo.gif">&nbsp;</TD></TR></TABLE>
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  <TR style="HEIGHT: 30pt">
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="100%" colSpan=5>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Total compensation for the fiscal year ended
      December 31, 2014 &#8211; Annual Amounts</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="32%">
      <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Board of Directors</FONT></B></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Statutory Executive Board</FONT></B></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Fiscal Council</FONT></B></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Total</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>No. of members&#185;</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>6.92</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>4.67</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>11.59</FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Fixed annual compensation</FONT></B></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$1,606,080</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$9,447,575</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$11,053,655</FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Salary or </FONT><I><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>pro labore</FONT></I></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$978,400</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$5,956,969</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$6,935,369</FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Direct and indirect benefits</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$2,299,311</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$2,299,311</FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Participation in committees</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$360.000</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$0</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$360.000</FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Other</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$267,680</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$1,191,294</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$1,458,974</FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Variable compensation</FONT></B></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$23,807,218</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$23,807,218</FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Bonus</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$19,939,348</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$19,939,348</FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Profit sharing</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$ 0</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$ 0</FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Participation in meetings</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$ 0</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$ 0</FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Commissions</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$ 0</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$ 0</FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Other</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$3,867,870</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$3,867,870</FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Post-employment benefits</FONT></B></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$115,763</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$115,763</FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Benefits due to interruption of
      position</FONT></B></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$0</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$0</FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Share-based compensation&#178;</FONT></B></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$0</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$0</FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Total compensation</FONT></B></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$1,606,080</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$33,370,555</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$0</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$34,976,635</FONT></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.2pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>&#185;</FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif> The number of members of each body corresponds to the
annual average of the number of members of each body calculated on a monthly
basis with two decimal digits.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Number of members of the Board of Directors in 2014:
83/12 months = 7 members</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Number of members of the Executive Board in 2014: 56/12
months = 5 members</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Calibri>42</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_43></A>
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  <TR>
    <TD width="100%" align=right><IMG border=0 src="logo.gif">&nbsp;</TD></TR></TABLE>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
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  <TR style="HEIGHT: 30pt">
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="100%" colSpan=5>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Total Compensation &#8211; 2015
    Projection</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="32%">
      <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Board of Directors</FONT></B></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Statutory Executive Board</FONT></B></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Fiscal Council</FONT></B></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Total</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>No. of members&#185;</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>9.33</FONT></FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>7.67</FONT></FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>17.00</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Fixed annual compensation</FONT></B></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>R$ 2,044,800</FONT></FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>R$ 14,720,162</FONT></FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>R$ 16,764,962</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Salary or </FONT><I><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>pro labore</FONT></I></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>R$ 1,344,000</FONT></FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>R$ 10,185,676</FONT></FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>R$ 11,529,676</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Direct and indirect benefits</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>R$ 2,497,351</FONT></FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>R$ 2,497,351</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Participation in Committees</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>R$ 360,000</FONT></FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>R$ 0</FONT></FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>R$ 360,000</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Other</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>R$ 340,800</FONT></FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>R$ 2,037,135</FONT></FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>R$ 2,377,935</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Variable compensation</FONT></B></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>R$ 23,929,385</FONT></FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>R$ 23,929,385</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Bonus</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>R$ 19,841,154</FONT></FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>R$ 19,841,154</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Profit sharing</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>R$ 0</FONT></FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>R$ 0</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Participation in meetings</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>R$ 0</FONT></FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>R$ 0</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Comissions</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>R$ 0</FONT></FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>R$ 0</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Other</FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>R$ 4,088,231</FONT></FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>R$ 4,088,231</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Post-employment benefits</FONT></B></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>R$ 339,397</FONT></FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>R$ 339,397</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Benefits due to interruption of
      position</FONT></B></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>R$ 0</FONT></FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>R$ 0</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Share-based compensation&#178;</FONT></B></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>R$ 41,902,148</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>R$ 41,902,148</FONT></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Total compensation</FONT></B></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>R$ 2,044,800</FONT></FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>R$ 80,891,092</FONT></FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>R$ 0</FONT></FONT></P></TD>
    <TD style="HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>R$
82,935,892</FONT></FONT></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt; LETTER-SPACING: -0.2pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>&#185;The number of members of each body corresponds to the
annual average of the number of members of each body calculated on a monthly
basis with two decimals</FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Number of members of the Board of Directors in 2015:
112/12 months = 9.33 members</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Number of members of the Executive Board in 2015: 88/12
months = 7.66 members</FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 6pt 9.65pt 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 8pt; LETTER-SPACING: -0.2pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>&#178;Due to the impacts from the global macroeconomic
scenario, the Company had to transfer to 2015 the plans to implement a
Share-Based Variable Compensation Program estimated at</FONT></FONT><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif> </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; LETTER-SPACING: -0.2pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>R$41,902,148</FONT></B></FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; MARGIN: 6pt 9.65pt 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=red><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=red face=Calibri,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.2pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal">&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt"><FONT style="DISPLAY: none"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif></FONT></FONT>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Calibri>43</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_44></A>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD width="100%" align=right><IMG border=0 src="logo.gif">&nbsp;</TD></TR></TABLE>
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<a name="_bclHeader44"></a><DIV>&nbsp;</DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><B><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-VARIANT: normal; LINE-HEIGHT: 115%"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.25pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>13.3 Variable compensation in the last three years and
compensation expected for the current year for the Board of Directors, Statutory
Executive Board and Fiscal Council: </FONT></I></B></FONT></FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 12.75pt">
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" rowSpan=2 noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Variable compensation &#8211; fiscal year ended December
      31, 2012</FONT></B></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Board of Directors</FONT></B></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Statutory Executive Board</FONT></B></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Fiscal Council</FONT></B></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Total</FONT></B></P></TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Number of members</FONT></B></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>6.25</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>6.25</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Bonus</FONT></B></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Minimum amount expected for the compensation
      plan&#178;</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$0</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$0</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Maximum amount expected for the compensation
      plan</FONT><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif> </FONT></B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>&#185;</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>R$18,841,062</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>R$18,841,062</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Amount expected for the compensation plan &#8211; goals
      achieved</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>R$18,841,062</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>R$18,841,062</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Actual amount booked </FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$16,360,711</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$16,360,711</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Profit sharing</FONT></B></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Minimum amount expected for the compensation
      plan</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Maximum amount expected for the compensation
      plan</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Amount expected for the compensation plan &#8211; goals
      achieved</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Actual amount booked</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif></FONT>&nbsp;</P>
      <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" rowSpan=2 noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Variable compensation &#8211; fiscal year ended December
      31, 2013</FONT></B></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Board of Directors</FONT></B></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Statutory Executive Board</FONT></B></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Fiscal Council</FONT></B></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Total</FONT></B></P></TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Number of members</FONT></B></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>6.00</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>6.00</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Bonus</FONT></B></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Minimum amount expected for the compensation
      plan&#178;</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$0</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$0</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Maximum amount expected for the compensation
      plan</FONT><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif> </FONT></B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>&#185;</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>R$19,139,762</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>R$19,139,762</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Amount expected for the compensation plan &#8211; goals
      achieved</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>R$19,139,762</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>R$19,139,762</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Actual amount booked </FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>R$14,198,499</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>R$14,198,499</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Profit sharing</FONT></B></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Minimum amount expected for the compensation
      plan</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Maximum amount expected for the compensation
      plan</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Amount expected for the compensation plan &#8211; goals
      achieved</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Actual amount booked</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 12.75pt">
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" rowSpan=2 noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Variable compensation &#8211; fiscal year ended December
      31, 2014</FONT></B></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Board of Directors</FONT></B></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Executive Board</FONT></B></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Fiscal Council</FONT></B></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Total</FONT></B></P></TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Number of members</FONT></B></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>4.67</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>4.67</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Bonus</FONT></B></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Minimum amount expected for the compensation
      plan&#178;</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$0</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$0</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Maximum amount expected for the compensation plan
      &#185;</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>R$18,201,207</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>R$18,201,207</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Amount expected for the compensation plan &#8211; goals
      achieved</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>R$18,201,207</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>R$18,201,207</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Actual amount booked</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>R$19,939,348</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>R$19,939,348</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Profit sharing</FONT></B></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Minimum amount expected for the compensation
      plan&#178;</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Maximum amount expected for the compensation plan
      &#185;</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Amount expected for the compensation plan &#8211; goals
      achieved</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Actual amount booked</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%">&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt"><FONT style="DISPLAY: none"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif></FONT></FONT>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Calibri>44</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_45></A>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD width="100%" align=right><IMG border=0 src="logo.gif">&nbsp;</TD></TR></TABLE>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader45"></a><DIV>&nbsp;</DIV>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 12.75pt">
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" rowSpan=2 noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Variable compensation projected for the current
      fiscal year (2015)</FONT></B></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Board of Directors</FONT></B></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Statutory Executive Board</FONT></B></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Fiscal Council</FONT></B></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #bfbfbf; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Total</FONT></B></P></TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Number of members</FONT></B></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>7.67</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>7.67</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Bonus</FONT></B></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Minimum amount expected for the compensation
      plan&#178;</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>R$0</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>R$0</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Maximum amount expected for the compensation
      plan</FONT><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif> </FONT></B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>&#185;</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>R$19,841,154</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>R$19,841,154</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Amount expected for the compensation plan &#8211; goals
      achieved</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>R$19,841,154</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>R$19,841,154</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Actual amount booked </FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Profit sharing</FONT></B></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Minimum amount expected for the compensation
      plan</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Maximum amount expected for the compensation
      plan</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>&#185; The maximum amount expected for the variable
compensation considers the achievement of 100% the goals established, and there
being no additional amounts in case of achievement of more than 100% of the
goals.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>&#178;The Company&#8217;s variable compensation model conditions
the payment of the bonus to the achievement of a &#8220;trigger&#8221; (established each
year). In case it is not achieved, the payment cannot be made in the year under
consideration, which is the reason why the minimum amount expected is
R$0.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><B><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-VARIANT: normal; LINE-HEIGHT: 115%"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.25pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT></I></B></FONT></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><B><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-VARIANT: normal; LINE-HEIGHT: 115%"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.25pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>13.4 Share-based compensation during the last three
fiscal years and expected for the current fiscal year, paid to the members of
the Board of Directors and Statutory Executive
Board:</FONT></I></B></FONT></FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-VARIANT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; LETTER-SPACING: 0.25pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>The Company did not implement in the last fiscal year a
share-based compensation plan, but it is studying the possibility of
implementation, in accordance with details presented in item
&#8220;13.1.e&#8221;.</FONT></FONT></FONT></B></P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=red face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=red face="times new roman"></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><B><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-VARIANT: normal; LINE-HEIGHT: 115%"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.25pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>13.5 State the number of shares or other ownership
interests held by members of the Board of Directors, Statutory Executive Board
or Fiscal Council, either directly or indirectly, in Brazil or abroad, as well
as other securities convertible into shares or other ownership interests issued
by the Company, its direct or indirect controllers, subsidiaries or
jointly-owned subsidiaries at the close of the last fiscal year:
</FONT></I></B></FONT></FONT></B></P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="40%" colSpan=2>
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><B><FONT style="FONT-SIZE: 10pt" face=Calibri,sans-serif>COMPANY</FONT></B></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="60%" colSpan=4>
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><B><FONT style="FONT-SIZE: 10pt" face=Calibri,sans-serif>December 31, 2014</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 9.35pt; PAGE-BREAK-INSIDE: avoid">
    <TD style="HEIGHT: 9.35pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="40%" colSpan=2>
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><B><FONT style="FONT-SIZE: 10pt" face=Calibri,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 9.35pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: silver; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="16%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0in" align=center><B><FONT style="FONT-SIZE: 10pt" face=Calibri,sans-serif>Board of Directors</FONT></B></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 9.35pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: silver; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="18%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0in" align=center><B><FONT style="FONT-SIZE: 10pt" face=Calibri,sans-serif>Statutory Executive Board</FONT></B></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 9.35pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: silver; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="14%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0in" align=center><B><FONT style="FONT-SIZE: 10pt" face=Calibri,sans-serif>Fiscal Council</FONT></B></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 9.35pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: silver; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="12%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0in" align=center><B><FONT style="FONT-SIZE: 10pt" face=Calibri,sans-serif>Total</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 9.3pt; PAGE-BREAK-INSIDE: avoid">
    <TD style="HEIGHT: 9.3pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: silver; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="23%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><B><FONT style="FONT-SIZE: 10pt" face=Calibri,sans-serif>Company</FONT></B></P></TD>
    <TD style="HEIGHT: 9.3pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: silver; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><B><FONT style="FONT-SIZE: 10pt" face=Calibri,sans-serif>Type</FONT></B></P></TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="23%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face=Calibri,sans-serif>Companhia Sider&#250;rgica Nacional</FONT></P></TD>
    <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face=Calibri,sans-serif>&nbsp;Common shares</FONT></P></TD>
    <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 150%"><FONT style="LINE-HEIGHT: 150%" face="trebuchet ms,sans-serif"><FONT style="FONT-SIZE: 9pt" face="trebuchet ms,sans-serif">1,550</FONT></FONT></P></TD>
    <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 150%"><FONT style="LINE-HEIGHT: 150%" face="trebuchet ms,sans-serif"><FONT style="FONT-SIZE: 9pt" face="trebuchet ms,sans-serif">0</FONT></FONT></P></TD>
    <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 150%"><FONT style="LINE-HEIGHT: 150%" face="trebuchet ms,sans-serif"><FONT style="FONT-SIZE: 9pt" face="trebuchet ms,sans-serif">0</FONT></FONT></P></TD>
    <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 150%"><FONT style="LINE-HEIGHT: 150%" face="trebuchet ms,sans-serif"><FONT style="FONT-SIZE: 9pt" face="trebuchet ms,sans-serif">1,550</FONT></FONT></P></TD></TR></TABLE></DIV>
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  <TR>
    <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="41%" colSpan=2>
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><B><FONT style="FONT-SIZE: 10pt" face=Calibri,sans-serif>SUBSIDIARIES</FONT></B></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="59%" colSpan=4>
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><B><FONT style="FONT-SIZE: 10pt" face=Calibri,sans-serif>December 31, 2014</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 9.35pt; PAGE-BREAK-INSIDE: avoid">
    <TD style="HEIGHT: 9.35pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="41%" colSpan=2>
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><B><FONT style="FONT-SIZE: 10pt" face=Calibri,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 9.35pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: silver; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="17%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0in" align=center><B><FONT style="FONT-SIZE: 10pt" face=Calibri,sans-serif>Board of Directors</FONT></B></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 9.35pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: silver; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="15%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0in" align=center><B><FONT style="FONT-SIZE: 10pt" face=Calibri,sans-serif>Statutory Executive Board</FONT></B></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 9.35pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: silver; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="15%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0in" align=center><B><FONT style="FONT-SIZE: 10pt" face=Calibri,sans-serif>Fiscal Council</FONT></B></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 9.35pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: silver; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="12%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0in" align=center><B><FONT style="FONT-SIZE: 10pt" face=Calibri,sans-serif>Total</FONT></B></P>
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0in" align=center><B><FONT style="FONT-SIZE: 10pt" face=Calibri,sans-serif>Company</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 9.3pt; PAGE-BREAK-INSIDE: avoid">
    <TD style="HEIGHT: 9.3pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: silver; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="24%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><B><FONT style="FONT-SIZE: 10pt" face=Calibri,sans-serif>Company</FONT></B></P></TD>
    <TD style="HEIGHT: 9.3pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: silver; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><B><FONT style="FONT-SIZE: 10pt" face=Calibri,sans-serif>Type</FONT></B></P></TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="24%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=left><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face=Calibri,sans-serif>Vicunha Siderurgia S.A.</FONT></P></TD>
    <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=left><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face=Calibri,sans-serif>Common shares</FONT></P></TD>
    <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 150%" align=center><FONT style="LINE-HEIGHT: 150%" face="trebuchet ms,sans-serif"><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal" face="trebuchet ms,sans-serif">1</FONT></FONT></P></TD>
    <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 150%" align=center><FONT style="LINE-HEIGHT: 150%" face="trebuchet ms,sans-serif"><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal" face="trebuchet ms,sans-serif">1</FONT></FONT></P></TD>
    <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 150%" align=center><FONT style="LINE-HEIGHT: 150%" face="trebuchet ms,sans-serif"><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal" face="trebuchet ms,sans-serif">0</FONT></FONT></P></TD>
    <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 150%" align=center><FONT style="LINE-HEIGHT: 150%" face="trebuchet ms,sans-serif"><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal" face="trebuchet ms,sans-serif">1</FONT></FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" rowSpan=3 width="24%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=left><FONT lang=PT-BR style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face=Calibri,sans-serif>Rio Purus Participa&#231;&#245;es S.A.</FONT></P></TD>
    <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=left><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face=Calibri,sans-serif>Common shares</FONT></P></TD>
    <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 150%" align=center><FONT style="LINE-HEIGHT: 150%" face="trebuchet ms,sans-serif"><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal" face="trebuchet ms,sans-serif">500</FONT></FONT></P></TD>
    <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 150%" align=center><FONT style="LINE-HEIGHT: 150%" face="trebuchet ms,sans-serif"><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal" face="trebuchet ms,sans-serif">500</FONT></FONT></P></TD>
    <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 150%" align=center><FONT style="LINE-HEIGHT: 150%" face="trebuchet ms,sans-serif"><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal" face="trebuchet ms,sans-serif">0</FONT></FONT></P></TD>
    <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 150%" align=center><FONT style="LINE-HEIGHT: 150%" face="trebuchet ms,sans-serif"><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal" face="trebuchet ms,sans-serif">500</FONT></FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 11pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 11pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">
      <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 11pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">
      <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 11pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 11pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=left><FONT style="LINE-HEIGHT: 115%" face="trebuchet ms,sans-serif"><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal" face="trebuchet ms,sans-serif">Preferred shares</FONT></FONT></P></TD>
    <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 150%" align=center><FONT style="LINE-HEIGHT: 150%" face="trebuchet ms,sans-serif"><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal" face="trebuchet ms,sans-serif">500</FONT></FONT></P></TD>
    <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 150%" align=center><FONT style="LINE-HEIGHT: 150%" face="trebuchet ms,sans-serif"><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal" face="trebuchet ms,sans-serif">500</FONT></FONT></P></TD>
    <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 150%" align=center><FONT style="LINE-HEIGHT: 150%" face="trebuchet ms,sans-serif"><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal" face="trebuchet ms,sans-serif">0</FONT></FONT></P></TD>
    <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 150%" align=center><FONT style="LINE-HEIGHT: 150%" face="trebuchet ms,sans-serif"><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal" face="trebuchet ms,sans-serif">500</FONT></FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="24%">
      <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 11pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 11pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 11pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">
      <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 11pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">
      <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 11pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">
      <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 11pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: left; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 27.1pt">
    <TD style="HEIGHT: 27.1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="40%" colSpan=2>
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><B><FONT style="FONT-SIZE: 10pt" face=Calibri,sans-serif>SUBSIDIARIES</FONT></B></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 27.1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="60%" colSpan=4>
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><B><FONT style="FONT-SIZE: 10pt" face=Calibri,sans-serif>December 31, 2014</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 9.35pt; PAGE-BREAK-INSIDE: avoid">
    <TD style="HEIGHT: 9.35pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="40%" colSpan=2>
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><B><FONT style="FONT-SIZE: 10pt" face=Calibri,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 9.35pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: silver; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="17%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0in" align=center><B><FONT style="FONT-SIZE: 10pt" face=Calibri,sans-serif>Board of Directors</FONT></B></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 9.35pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: silver; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="15%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0in" align=center><B><FONT style="FONT-SIZE: 10pt" face=Calibri,sans-serif>Statutory Executive Board</FONT></B></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 9.35pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: silver; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="15%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0in" align=center><B><FONT style="FONT-SIZE: 10pt" face=Calibri,sans-serif>Fiscal Council</FONT></B></P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 9.35pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: silver; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="13%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0in" align=center><B><FONT style="FONT-SIZE: 10pt" face=Calibri,sans-serif>Total</FONT></B></P>
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0in" align=center><B><FONT style="FONT-SIZE: 10pt" face=Calibri,sans-serif>Company</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 9.3pt; PAGE-BREAK-INSIDE: avoid">
    <TD style="HEIGHT: 9.3pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: silver; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="23%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><B><FONT style="FONT-SIZE: 10pt" face=Calibri,sans-serif>Company</FONT></B></P></TD>
    <TD style="HEIGHT: 9.3pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: silver; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><B><FONT style="FONT-SIZE: 10pt" face=Calibri,sans-serif>Type</FONT></B></P></TD></TR>
  <TR>
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      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=left><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face=Calibri,sans-serif>Cia. Metalic Nordeste</FONT></P></TD>
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      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=left><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face=Calibri,sans-serif>Common shares</FONT></P></TD>
    <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 150%" align=center><FONT style="LINE-HEIGHT: 150%" face="trebuchet ms,sans-serif"><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal" face="trebuchet ms,sans-serif">0</FONT></FONT></P></TD>
    <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 150%" align=center><FONT style="LINE-HEIGHT: 150%" face="trebuchet ms,sans-serif"><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal" face="trebuchet ms,sans-serif">1</FONT></FONT></P></TD>
    <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 150%" align=center><FONT style="LINE-HEIGHT: 150%" face="trebuchet ms,sans-serif"><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal" face="trebuchet ms,sans-serif">0</FONT></FONT></P></TD>
    <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 150%" align=center><FONT style="LINE-HEIGHT: 150%" face="trebuchet ms,sans-serif"><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal" face="trebuchet ms,sans-serif">1</FONT></FONT></P></TD></TR>
  <TR>
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      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=left><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face=Calibri,sans-serif>Companhia Florestal do Brasil</FONT></P></TD>
    <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=left><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face=Calibri,sans-serif>Common shares</FONT></P></TD>
    <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 150%" align=center><FONT style="LINE-HEIGHT: 150%" face="trebuchet ms,sans-serif"><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal" face="trebuchet ms,sans-serif">0</FONT></FONT></P></TD>
    <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 150%" align=center><FONT style="LINE-HEIGHT: 150%" face="trebuchet ms,sans-serif"><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal" face="trebuchet ms,sans-serif">1</FONT></FONT></P></TD>
    <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 150%" align=center><FONT style="LINE-HEIGHT: 150%" face="trebuchet ms,sans-serif"><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal" face="trebuchet ms,sans-serif">0</FONT></FONT></P></TD>
    <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 150%" align=center><FONT style="LINE-HEIGHT: 150%" face="trebuchet ms,sans-serif"><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal" face="trebuchet ms,sans-serif">1</FONT></FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="23%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=left><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face=Calibri,sans-serif>Congonhas Min&#233;rios S.A.</FONT></P></TD>
    <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=left><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face=Calibri,sans-serif>Common shares</FONT></P></TD>
    <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 150%" align=center><FONT style="LINE-HEIGHT: 150%" face="trebuchet ms,sans-serif"><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal" face="trebuchet ms,sans-serif">0</FONT></FONT></P></TD>
    <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 150%" align=center><FONT style="LINE-HEIGHT: 150%" face="trebuchet ms,sans-serif"><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal" face="trebuchet ms,sans-serif">1</FONT></FONT></P></TD>
    <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 150%" align=center><FONT style="LINE-HEIGHT: 150%" face="trebuchet ms,sans-serif"><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal" face="trebuchet ms,sans-serif">0</FONT></FONT></P></TD>
    <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 150%" align=center><FONT style="LINE-HEIGHT: 150%" face="trebuchet ms,sans-serif"><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal" face="trebuchet ms,sans-serif">1</FONT></FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="23%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=left><FONT lang=PT-BR style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face=Calibri,sans-serif>CSN Gest&#227;o de Recursos Financeiros
    Ltda.</FONT></P></TD>
    <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=left><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face=Calibri,sans-serif>Capital stock quotas</FONT></P></TD>
    <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 150%" align=center><FONT style="LINE-HEIGHT: 150%" face="trebuchet ms,sans-serif"><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal" face="trebuchet ms,sans-serif">1</FONT></FONT></P></TD>
    <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 150%" align=center><FONT style="LINE-HEIGHT: 150%" face="trebuchet ms,sans-serif"><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal" face="trebuchet ms,sans-serif">1</FONT></FONT></P></TD>
    <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 150%" align=center><FONT style="LINE-HEIGHT: 150%" face="trebuchet ms,sans-serif"><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal" face="trebuchet ms,sans-serif">0</FONT></FONT></P></TD>
    <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 150%" align=center><FONT style="LINE-HEIGHT: 150%" face="trebuchet ms,sans-serif"><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal" face="trebuchet ms,sans-serif">0</FONT></FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="23%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=left><FONT lang=PT-BR style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face=Calibri,sans-serif>Estanho de Rond&#244;nia S.A.</FONT></P></TD>
    <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=left><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face=Calibri,sans-serif>Common shares</FONT></P></TD>
    <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 150%" align=center><FONT style="LINE-HEIGHT: 150%" face="trebuchet ms,sans-serif"><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal" face="trebuchet ms,sans-serif">0</FONT></FONT></P></TD>
    <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 150%" align=center><FONT style="LINE-HEIGHT: 150%" face="trebuchet ms,sans-serif"><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal" face="trebuchet ms,sans-serif">1</FONT></FONT></P></TD>
    <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 150%" align=center><FONT style="LINE-HEIGHT: 150%" face="trebuchet ms,sans-serif"><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal" face="trebuchet ms,sans-serif">0</FONT></FONT></P></TD>
    <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 150%" align=center><FONT style="LINE-HEIGHT: 150%" face="trebuchet ms,sans-serif"><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal" face="trebuchet ms,sans-serif">1</FONT></FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="23%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=left><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face=Calibri,sans-serif>Minera&#231;&#227;o Nacional S.A.</FONT></P></TD>
    <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=left><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face=Calibri,sans-serif>Common shares</FONT></P></TD>
    <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 150%" align=center><FONT style="LINE-HEIGHT: 150%" face="trebuchet ms,sans-serif"><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal" face="trebuchet ms,sans-serif">0</FONT></FONT></P></TD>
    <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 150%" align=center><FONT style="LINE-HEIGHT: 150%" face="trebuchet ms,sans-serif"><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal" face="trebuchet ms,sans-serif">1</FONT></FONT></P></TD>
    <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 150%" align=center><FONT style="LINE-HEIGHT: 150%" face="trebuchet ms,sans-serif"><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal" face="trebuchet ms,sans-serif">0</FONT></FONT></P></TD>
    <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 150%" align=center><FONT style="LINE-HEIGHT: 150%" face="trebuchet ms,sans-serif"><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal" face="trebuchet ms,sans-serif">1</FONT></FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="23%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=left><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face=Calibri,sans-serif>Sepetiba Tecon S.A.</FONT></P></TD>
    <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=left><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face=Calibri,sans-serif>Common shares</FONT></P></TD>
    <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 150%" align=center><FONT style="LINE-HEIGHT: 150%" face="trebuchet ms,sans-serif"><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal" face="trebuchet ms,sans-serif">0</FONT></FONT></P></TD>
    <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 150%" align=center><FONT style="LINE-HEIGHT: 150%" face="trebuchet ms,sans-serif"><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal" face="trebuchet ms,sans-serif">1</FONT></FONT></P></TD>
    <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 150%" align=center><FONT style="LINE-HEIGHT: 150%" face="trebuchet ms,sans-serif"><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal" face="trebuchet ms,sans-serif">0</FONT></FONT></P></TD>
    <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%">
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 150%" align=center><FONT style="LINE-HEIGHT: 150%" face="trebuchet ms,sans-serif"><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal" face="trebuchet ms,sans-serif">1</FONT></FONT></P></TD></TR></TABLE></DIV>
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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 6pt 0in"><B><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-VARIANT: normal" face=calibri,sans-serif><B><FONT style="FONT-SIZE: 10pt; FONT-STYLE: normal; LETTER-SPACING: 0.25pt" face=calibri,sans-serif>13.6 Share-based compensation for the Board of Directors and Statutory Executive Board recognized in the results of the last three fiscal years and expected for the current fiscal year:&nbsp;&nbsp;</FONT></B></FONT></FONT></B></H2>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-VARIANT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; LETTER-SPACING: 0.25pt" face=Calibri,sans-serif>The Company did not implement in the last three fiscal years a share-based compensation plan, but it is studying the possibility of implementation, in accordance with details presented in item &#8220;13.1.e&#8221;</FONT></FONT></FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.2pt" face=Calibri,sans-serif>. </FONT></P>

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 6pt 0in"><B><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-VARIANT: normal" face=calibri,sans-serif><B><FONT style="FONT-SIZE: 10pt; FONT-STYLE: normal; LETTER-SPACING: 0.25pt" face=calibri,sans-serif>13.7 Information regarding stock options held by members of the Board of Directors and Statutory Executive Board at the close of the last fiscal year:</FONT></B></FONT></FONT></B><B><FONT style="FONT-VARIANT: small-caps"><B><FONT style="FONT-SIZE: 10pt; FONT-STYLE: normal; LETTER-SPACING: 0.25pt" face=calibri,sans-serif> </FONT></B></FONT></B></H2>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.2pt" face=Calibri,sans-serif>None. </FONT></FONT></P>

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 6pt 0in"><B><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-VARIANT: normal" face=calibri,sans-serif><B><FONT style="FONT-SIZE: 10pt; FONT-STYLE: normal; LETTER-SPACING: 0.25pt" face=calibri,sans-serif>13.8 Stock options exercised and stock given as share-based compensation to members of the Board of Directors and the Statutory Executive Board in the last three fiscal years: </FONT></B></FONT></FONT></B></H2>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.2pt" face=Calibri,sans-serif>None. </FONT></FONT></P>

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 6pt 0in"><B><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-VARIANT: normal" face=calibri,sans-serif><B><FONT style="FONT-SIZE: 10pt; FONT-STYLE: normal; LETTER-SPACING: 0.25pt" face=calibri,sans-serif>13.9 Necessary information for the understanding of data disclosed in items 13.6 to 13.8 (including the method used for share and option pricing):</FONT></B></FONT></FONT></B><B><FONT style="FONT-VARIANT: small-caps"><B><FONT style="FONT-SIZE: 10pt; FONT-STYLE: normal; LETTER-SPACING: 0.25pt" face=calibri,sans-serif> </FONT></B></FONT></B></H2>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-VARIANT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; LETTER-SPACING: 0.25pt" face=Calibri,sans-serif>The Company did not implement in the last three fiscal years a share-based compensation plan, but it is studying the possibility of implementation, in accordance with details presented in item &#8220;13.1.e&#8221;</FONT></FONT></FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.2pt" face=Calibri,sans-serif>. </FONT></P>

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 6pt 0in"><B><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-VARIANT: normal" face=calibri,sans-serif><B><FONT style="FONT-SIZE: 10pt; FONT-STYLE: normal; LETTER-SPACING: 0.25pt" face=calibri,sans-serif>13.10 Information on private pension plans granted to Board members and Statutory Executive Officers: </FONT></B></FONT></FONT></B></H2>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-VARIANT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; LETTER-SPACING: 0.25pt" face=Calibri,sans-serif>The Company offers its statutory executive officers the private pension plan CBS Previd&#234;ncia - Caixa Beneficente dos Empregados da Companhia Sider&#250;rgica Nacional through which participants may contribute with 3% to 6% of their salary or earnings, which the Company matches 100%.</FONT></FONT></FONT></B></P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 9.95pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: silver; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="62%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=PT-BR style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>CBS Previd&#234;ncia &#8211; CSN Employees&#8217; Pension Fund</FONT></B></FONT></P></TD></TR>

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   <TD style="HEIGHT: 16.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="38%">

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=PT-BR style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: silver; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="26%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Board of Directors</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 16.75pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: silver; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="36%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Executive Board</FONT></B></FONT></P></TD></TR>

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   <TD style="HEIGHT: 18.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="38%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=windowtext><FONT style="FONT-SIZE: 10pt" color=windowtext face=Calibri,sans-serif>Number of members<SUP>(&#185;)</SUP></FONT></FONT></P></TD>

   <TD style="HEIGHT: 18.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="26%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>N/A</FONT></FONT></P></TD>

   <TD style="HEIGHT: 18.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>5</FONT></FONT></P></TD></TR>

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   <TD style="HEIGHT: 17.25pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="38%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=windowtext><FONT style="FONT-SIZE: 10pt" color=windowtext face=Calibri,sans-serif>Name of the plan</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17.25pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="26%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>N/A</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17.25pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Supplementary Benefit Mixed Plan and CBSPREV Benefits Plan</FONT></FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Number of management members entitled to retire</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17.25pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="26%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>N/A</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17.25pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="FONT-SIZE: 11pt; FONT-WEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>4</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Conditions for early retirement </FONT></FONT></P></TD>

   <TD style="HEIGHT: 19.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="26%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>N/A</FONT></FONT></P></TD>

   <TD style="HEIGHT: 19.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><SUP><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>(2)</FONT></FONT></SUP></P></TD></TR>

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   <TD style="HEIGHT: 36.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="38%">

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Updated amount of accumulated contributions up to the close of the last fiscal year, excluding contributions paid directly by management members</FONT></FONT></P></TD>

   <TD style="HEIGHT: 36.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="26%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>N/A</FONT></FONT></P></TD>

   <TD style="HEIGHT: 36.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>R$937,757.40</FONT></FONT></P></TD></TR>

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   <TD style="HEIGHT: 40.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="38%">

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Total amount of accumulated contributions up to the close of the last fiscal year, excluding contributions paid directly by management members</FONT></FONT></P></TD>

   <TD style="HEIGHT: 40.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="26%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>N/A</FONT></FONT></P></TD>

   <TD style="HEIGHT: 40.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>R$115,763.36</FONT></FONT></P></TD></TR>

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   <TD style="HEIGHT: 21.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="38%">

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Early withdrawal and its conditions </FONT></FONT></P></TD>

   <TD style="HEIGHT: 21.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="26%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>N/A</FONT></FONT></P></TD>

   <TD style="HEIGHT: 21.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Yes, members who no longer work for the Sponsor and do not receive CBS payments</FONT></FONT></P></TD></TR></TABLE></DIV>

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 6pt 0in"><SUP><B><FONT style="FONT-SIZE: 10pt; FONT-STYLE: normal" face=calibri,sans-serif>(1)</FONT></B></SUP><B><I><FONT style="FONT-SIZE: 10pt" face=calibri,sans-serif> </FONT></I></B><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal" face=calibri,sans-serif>Statutory officers on December 31, 2014</FONT></H2>

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 6pt 0in"><SUP><B><FONT style="FONT-SIZE: 10pt; FONT-STYLE: normal" face=calibri,sans-serif>(2)</FONT></B></SUP><B><I><FONT style="FONT-SIZE: 10pt" face=calibri,sans-serif> </FONT></I></B><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal" face=calibri,sans-serif>Early retirement: Participants must apply to be granted the benefit of early retirement, after which payment will occur in successive monthly installments, in accordance with the conditions established in the regulations of the plan, which are available on the Intranet of the company, and it must be approved by PREVIC and published in the DOU &#8211; </FONT><I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" face=calibri,sans-serif>Federal Official Gazette</FONT></I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal" face=calibri,sans-serif>, with its initial value fixed in accordance with the option for the form of receipt.</FONT></H2>

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 6pt 0in"><B><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-VARIANT: normal" face=calibri,sans-serif><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal; LETTER-SPACING: 0.25pt" face=calibri,sans-serif></FONT></FONT></FONT></B>&nbsp;</H2>

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 6pt 0in"><B><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-VARIANT: normal" face=calibri,sans-serif><B><FONT style="FONT-SIZE: 10pt; FONT-STYLE: normal; LETTER-SPACING: 0.25pt" face=calibri,sans-serif>13.11 Maximum, minimum and average compensation paid to members of the Board of Directors, Statutory Executive Board and Fiscal Council: </FONT></B></FONT></FONT></B></H2>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><I><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>Justification for not completing the chart:</FONT></U></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 11pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Information not disclosed in accordance with decision of the 5<SUP>th</SUP> Federal Court of Rio de Janeiro (case no. 2010.5101002888-5), in favor of IBEF - Rio de Janeiro, an institute to which the Company is affiliated. </FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt"><FONT style="DISPLAY: none"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Calibri>48</FONT></P>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 6pt 0in"><B><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-VARIANT: normal" face=calibri,sans-serif><B><FONT style="FONT-SIZE: 10pt; FONT-STYLE: normal; LETTER-SPACING: 0.25pt" face=calibri,sans-serif>13.12 Describe all contractual arrangements, insurance policies or compensation mechanisms for management in case of termination or retirement, indicating financial consequences incurred by the Company: </FONT></B></FONT></FONT></B></H2>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.2pt" face=Calibri,sans-serif>None. </FONT></FONT></P>

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 6pt 0in"><B><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-VARIANT: normal" face=calibri,sans-serif><B><FONT style="FONT-SIZE: 10pt; FONT-STYLE: normal; LETTER-SPACING: 0.25pt" face=calibri,sans-serif>13.13 Percentage of total compensation of each body, as recognized in the Company&#8217;s results, for members of the Board of Directors, Statutory Executive Board or Fiscal Council that are direct or indirect related parties of the controllers, according to all applicable accounting rules governing the matter:</FONT></B></FONT></FONT></B></H2>

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

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="85%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>2012</FONT></B></P></TD></TR>

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

   <TD style="HEIGHT: 25.5pt; BORDER-RIGHT: black 1pt solid; BACKGROUND: silver; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="29%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Board of Directors</FONT></B></P></TD>

   <TD style="HEIGHT: 25.5pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: silver; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=#000000 face=Calibri,sans-serif>Executive Board</FONT></B></P></TD>

   <TD style="HEIGHT: 25.5pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: silver; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=#000000 face=Calibri,sans-serif>Fiscal Council</FONT></B></P></TD></TR>

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   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 26.25pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Percentage</FONT></B></P></TD>

   <TD style="HEIGHT: 26.25pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="29%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>11.25%</FONT></P></TD>

   <TD style="HEIGHT: 26.25pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>47.28%</FONT></P></TD>

   <TD style="HEIGHT: 26.25pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

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

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 11pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

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<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

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

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="85%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>2013</FONT></B></P></TD></TR>

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

   <TD style="HEIGHT: 25.5pt; BORDER-RIGHT: black 1pt solid; BACKGROUND: silver; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="29%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Board of Directors</FONT></B></P></TD>

   <TD style="HEIGHT: 25.5pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: silver; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=#000000 face=Calibri,sans-serif>Executive Board</FONT></B></P></TD>

   <TD style="HEIGHT: 25.5pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: silver; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=#000000 face=Calibri,sans-serif>Fiscal Council</FONT></B></P></TD></TR>

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   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 26.25pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Percentage</FONT></B></P></TD>

   <TD style="HEIGHT: 26.25pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="29%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>10.53%</FONT></P></TD>

   <TD style="HEIGHT: 26.25pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>52.30%</FONT></P></TD>

   <TD style="HEIGHT: 26.25pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

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

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 6pt 0in"><B><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-VARIANT: normal" face=calibri,sans-serif><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal; LETTER-SPACING: 0.25pt" face=calibri,sans-serif></FONT></FONT></FONT></B>&nbsp;</H2>

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   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

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

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="85%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>2014</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 25.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

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

   <TD style="HEIGHT: 25.5pt; BORDER-RIGHT: black 1pt solid; BACKGROUND: silver; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="29%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Board of Directors</FONT></B></P></TD>

   <TD style="HEIGHT: 25.5pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: silver; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=#000000 face=Calibri,sans-serif>Executive Board</FONT></B></P></TD>

   <TD style="HEIGHT: 25.5pt; BORDER-RIGHT: #000000 1px solid; BACKGROUND: silver; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=#000000 face=Calibri,sans-serif>Fiscal Council</FONT></B></P></TD></TR>

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   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 26.25pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Percentage</FONT></B></P></TD>

   <TD style="HEIGHT: 26.25pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="29%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>10.76%</FONT></P></TD>

   <TD style="HEIGHT: 26.25pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>74.01%</FONT></P></TD>

   <TD style="HEIGHT: 26.25pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

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

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 11pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 6pt 0in"><B><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-VARIANT: normal" face=calibri,sans-serif><B><FONT style="FONT-SIZE: 10pt; FONT-STYLE: normal; LETTER-SPACING: 0.25pt" face=calibri,sans-serif>13.14 Amounts paid to members of the Board of Directors, Statutory Executive Board and Fiscal Council, by body, for any reason not related to their position (i.e. commissions, consulting or advisory fees) as recognized in the Company&#8217;s result:</FONT></B></FONT></FONT></B></H2>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.2pt" face=Calibri,sans-serif>None. </FONT></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-VARIANT: normal"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.25pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT></I></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-VARIANT: normal"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.25pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>13.15 Amounts recognized in the results of the Company&#8217;s direct or indirect controllers, jointly-controlled entities or subsidiaries, as compensation for members of the Board of Directors, Statutory Executive Board, or Fiscal Council, by body, specifying the type of payment and to whom it was paid: </FONT></I></B></FONT></FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.25pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT></I></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Fiscal year 2012 &#8211; compensation received as a result of the exercise of position in the issuer</FONT></I></B></FONT></P>

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<TABLE style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-BOTTOM: medium none; MARGIN-LEFT: 0pt; BORDER-LEFT: medium none" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 9.3pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 9.3pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: silver; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="34%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 9.3pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: silver; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Board of Directors</FONT></B></FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 9.3pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: silver; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Executive Board</FONT></B></FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 9.3pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: silver; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Fiscal Council</FONT></B></FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 9.3pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: silver; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Total</FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=top width="34%">

   <P style="TEXT-ALIGN: left; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Direct and indirect controllers</FONT></B></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=top width="34%">

   <P style="TEXT-ALIGN: left; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Issuer&#8217;s subsidiaries</FONT></B></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$182,500.00</FONT></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>R$182,500.00</FONT></FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=top width="34%">

   <P style="TEXT-ALIGN: left; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Jointly-controlled entities</FONT></B></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt"><FONT style="DISPLAY: none"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Calibri>49</FONT></P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Fiscal year 2012 &#8211; other compensations received, </FONT></I></B></FONT><B><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-VARIANT: normal; LINE-HEIGHT: 115%"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.25pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>specifying the type of payment</FONT></I></B></FONT></FONT></B></P>

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<TABLE style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-BOTTOM: medium none; MARGIN-LEFT: 0pt; BORDER-LEFT: medium none" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 9.3pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 9.3pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: silver; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="34%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 9.3pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: silver; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Board of Directors</FONT></B></FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 9.3pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: silver; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Executive Board</FONT></B></FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 9.3pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: silver; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Fiscal Council</FONT></B></FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 9.3pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: silver; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Total</FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=top width="34%">

   <P style="TEXT-ALIGN: left; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Direct and indirect controllers</FONT></B></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=top width="34%">

   <P style="TEXT-ALIGN: left; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Issuer&#8217;s subsidiaries</FONT></B></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=top width="34%">

   <P style="TEXT-ALIGN: left; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Jointly-controlled entities</FONT></B></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT></I></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Fiscal year 2013 &#8211; compensation received as a result of the exercise of position in the issuer</FONT></I></B></FONT></P>

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<TR style="HEIGHT: 9.3pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 9.3pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: silver; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="34%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 9.3pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: silver; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Board of Directors</FONT></B></FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 9.3pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: silver; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Executive Board</FONT></B></FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 9.3pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: silver; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Fiscal Council</FONT></B></FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 9.3pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: silver; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Total</FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=top width="34%">

   <P style="TEXT-ALIGN: left; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Direct and indirect controllers</FONT></B></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=top width="34%">

   <P style="TEXT-ALIGN: left; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Issuer&#8217;s subsidiaries</FONT></B></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>R$156,000.00</FONT></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>R$156,000.00</FONT></FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=top width="34%">

   <P style="TEXT-ALIGN: left; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Jointly-controlled entities</FONT></B></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT></I></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Fiscal year 2013 &#8211; other compensations received, </FONT></I></B></FONT><B><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-VARIANT: normal; LINE-HEIGHT: 115%"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.25pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>specifying the type of payment</FONT></I></B></FONT></FONT></B></P>

<DIV align=center>

<TABLE style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-BOTTOM: medium none; MARGIN-LEFT: 0pt; BORDER-LEFT: medium none" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 9.3pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 9.3pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: silver; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="34%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 9.3pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: silver; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Board of Directors</FONT></B></FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 9.3pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: silver; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Executive Board</FONT></B></FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 9.3pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: silver; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Fiscal Council</FONT></B></FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 9.3pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: silver; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Total</FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=top width="34%">

   <P style="TEXT-ALIGN: left; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Direct and indirect controllers</FONT></B></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=top width="34%">

   <P style="TEXT-ALIGN: left; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Issuer&#8217;s subsidiaries</FONT></B></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=top width="34%">

   <P style="TEXT-ALIGN: left; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Jointly-controlled entities</FONT></B></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT></I></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Fiscal year 2014 &#8211; compensation received as a result of the exercise of position in the issuer</FONT></I></B></FONT></P>

<DIV align=center>

<TABLE style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-BOTTOM: medium none; MARGIN-LEFT: 0pt; BORDER-LEFT: medium none" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 9.3pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 9.3pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: silver; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="34%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 9.3pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: silver; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Board of Directors</FONT></B></FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 9.3pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: silver; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Executive Board</FONT></B></FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 9.3pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: silver; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Fiscal Council</FONT></B></FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 9.3pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: silver; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Total</FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=top width="34%">

   <P style="TEXT-ALIGN: left; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Direct and indirect controllers</FONT></B></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=top width="34%">

   <P style="TEXT-ALIGN: left; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Issuer&#8217;s subsidiaries</FONT></B></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>R$45,516.00</FONT></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>R$45,516.00</FONT></FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=top width="34%">

   <P style="TEXT-ALIGN: left; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Jointly-owned entities</FONT></B></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT></I></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT></I></B></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Calibri>50</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Fiscal year 2014 &#8211; other compensation received, specifying the type of payment</FONT></I></B></FONT></P>

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<TABLE style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-BOTTOM: medium none; MARGIN-LEFT: 0pt; BORDER-LEFT: medium none" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 9.3pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 9.3pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: silver; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="34%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 9.3pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: silver; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Board of Directors</FONT></B></FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 9.3pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: silver; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Executive Board</FONT></B></FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 9.3pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: silver; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Fiscal Council</FONT></B></FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 9.3pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: silver; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Total</FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=top width="34%">

   <P style="TEXT-ALIGN: left; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Direct and indirect controllers</FONT></B></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=top width="34%">

   <P style="TEXT-ALIGN: left; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Issuer&#8217;s subsidiaries</FONT></B></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=top width="34%">

   <P style="TEXT-ALIGN: left; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Jointly-controlled entities</FONT></B></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>N/A</FONT></FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT></I></B></FONT>&nbsp;</P>

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 6pt 0in"><B><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-VARIANT: normal" face=calibri,sans-serif><B><FONT style="FONT-SIZE: 10pt; FONT-STYLE: normal; LETTER-SPACING: 0.25pt" face=calibri,sans-serif>13.16 Other material information:</FONT></B></FONT></FONT></B></H2>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.2pt" face=Calibri,sans-serif>None.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.2pt" color=red face=Calibri,sans-serif> </FONT></FONT></P>

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<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: #4f81bd 1pt solid; PADDING-BOTTOM: 4pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=center><B><FONT lang=PT-BR style="FONT-SIZE: 10pt; LETTER-SPACING: 0.25pt; TEXT-AUTOSPACE: ideograph-numeric" color=#17365d face=Calibri,sans-serif>ATTACHMENT III &#8211; Information about the candidates for Board of Director positions</FONT></B></P></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><I><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>(as per items 12.6 to 12.10 of Attachment 24 of CVM Rule 480)</FONT></I></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>In compliance with Article 10 of CVM Rule 481/2009, below is presented the information regarding the candidates nominated for reelection by the controlling shareholders for the positions of members of the Board of Directors, for term of office until the 2016 Annual Shareholders&#8217; Meeting, in accordance with items 12.6 to 12.10 of the Reference Form. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Benjamin Steinbruch</FONT></U></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>, </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>61 years old, administrator, inscribed in the roll of individual taxpayers (CPF/MF) under no. 618.266.778-78. Mr. Steinbruch has been a member of the Board of Directors since April 23, 1993, and it&#8217;s Chairman since April 28, 1995. He has also been CSN&#8217;s CEO since April 30, 2002. Currently, he serves as a member of the Board of Directors of C&#226;mara Portuguesa, the first Vice-Chairman of FIESP, a position he has held since September 2004, a member of FIESP's Superior Strategic Council, a board member of Instituto Roberto Simonsen and a member of the CCI &#8211; Inter-Institutional Advisory Board of the Court of Justice of the State of S&#227;o Paulo. In the last five years, Mr. Steinbruch has held the following positions: member of the Board of Directors and CEO of Vicunha Siderurgia S.A. Vice Chairman of the Board of Directors of Text&#237;lia S.A, Chairman of the Board of Directors of Vicunha A&#231;os S.A., Vicunha S.A., Fibra Cia. Securitizadora de Cr&#233;ditos Financeiros, Fibra Cia Securitizadora de Cr&#233;ditos Imobili&#225;rios, a member of the Board of Directors of Elizabeth S.A. &#8211; Ind&#250;stria T&#234;xtil, Vicunha Participa&#231;&#245;es S.A., Vicunha Steel S.A., a Director at Rio Purus Participa&#231;&#245;es S.A., and Rio Iaco Participa&#231;&#245;es S.A. and Chairman of the Board of Directors of Banco Fibra S.A (all of which are part of CSN&#8217;s controlling group), chairman of the Board of Directors of Transnordestina Log&#237;stica S.A. as well as of Nacional Min&#233;rios S.A (both jointly controlled by CSN) and Chairman of the Board of Directors of FTL &#8211; Ferrovia Transnordestina Log&#237;stica S.A., and of the Companhia Metal&#250;rgica Prada (both controlled by CSN), the CEO of the Advisory Board of Funda&#231;&#227;o CSN and member of the Board of Directors of Fazenda Alvorada de Bragan&#231;a Agro-Pastoril Ltda., Ibis Agr&#225;ria Ltda., Ibis II Empreendimentos Ltda., Ibis Participa&#231;&#245;es e Servi&#231;os Ltda., and Haras Phillipson Ltda. He earned a Business Administration degree from Escola de Administra&#231;&#227;o de Empresas of Funda&#231;&#227;o Getulio Vargas &#8211; SP, and completed a post-graduate program in Marketing and Finance at Funda&#231;&#227;o Getulio Vargas - SP.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>Fernando Perrone</FONT></U></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>, 67 years old, </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>attorney</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>, inscribed in the roll of individual taxpayers (CPF/MF) under no.</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>181.062.347-20.</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>Mr. Perrone has been a member of the Company&#8217;s Board of Directors since September 26, 2002 and a member of the Audit Committee since June 24, 2005. He served as the Infrastructure and Energy Officer of Companhia Sider&#250;rgica Nacional from July 10 to October 2, 2002. He is a member of the Board of Directors of Profarma - Distribuidora de F&#225;rmacos S.A, of Jo&#227;o Fortes Engenharia S.A., of Energia Sustent&#225;vel S.A., of Libra Aeroportos - Cabo Frio Airport and of FTL &#8211; Ferrovia Transnordestina Log&#237;stica S.A. as well as being an alternate member of the Board of Directors of Transnordestina Log&#237;stica S.A.. He also operates as an independent consultant in the infrastructure area. He also completed a post-graduate program in Capital Market Economics at Funda&#231;&#227;o Getulio Vargas.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Yoshiaki Nakano</FONT></U></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>, 70 years old, administrator, inscribed in the roll of individual taxpayers (CPF/MF) under no. 049.414.548-04. Mr. Nakano has been a member of the Company&#8217;s Board of Directors since April 29, 2004 and a member of the Audit Committee since June 24, 2005. He is also a member of the Board of Directors of Transnordestina Log&#237;stica S.A and in the past five years, he has been a professor of Economics at Funda&#231;&#227;o Get&#250;lio Vargas and Director of the Escola de Economia de S&#227;o Paulo of the Funda&#231;&#227;o Getulio Vargas de S&#227;o Paulo, a member of the Board of Directors of Funda&#231;&#227;o de Amparo &#224; Pesquisa do Estado de S&#227;o Paulo &#8211; FAPESP, a member of the Superior Economic Council (COSEC) of FIESP/IRS. Previously, he served as the special Secretary of Economic Issues for the Ministry of Finance and the Secretary of Finance of the State of S&#227;o Paulo. He has a degree in Business Administration from Funda&#231;&#227;o Getulio Vargas and a Master&#8217;s and Doctorate from Cornell University, in the United States.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Antonio Bernardo Vieira Maia</FONT></U></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>, </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>57 years old, administrator, inscribed in the roll of individual taxpayers (CPF/MF) under no. 510.578.677-72. Mr. Maia has been a member of the Company&#8217;s Board of Directors since April 30, 2013 and has also been a member of its Audit Committee since August 2013, and has held the position of Chairman of the Audit Committee since May 6, 2014. He is also the CEO of BRG Capital Ltda. since July 2005, and a member of the Board of Directors of Transnordestina Log&#237;stica S.A and of FTL &#8211; </FONT>

<a name="page_53"></a><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Ferrovia Transnordestina Log&#237;stica S.A. Previously, he
served as an executive officer of Credit Suisse / Banco Garantia de
Investimentos S.A, from April, 1995 to May, 2005. He began his career in
Citibank Brazil as an intern in 1982 and moved to New York in 1986, where he
acted as Institutional Investment Analyst of Citigroup in Latin America until he
became an executive officer. He was also an associate of Banco Bozano Simonsen
de Investimentos from August, 1979 to December, 1981 and a member of the Board
of Directors of Banque B&#233;n&#233;dict Hentsch &amp; Cie S.A, Geneva, Switzerland from
April to December, 2006. He earned a degree in Public Administration and
Business in 1981 from Funda&#231;&#227;o Get&#250;lio Vargas.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: normal"><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Luis Felix Cardamone Neto,</FONT></U></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>49 years old, administrator, inscribed in the roll of
individual taxpayers (CPF/MF) under no. 042.649.938-73. Mr. Cardamone Neto has
been a member of the Board of Directors since April 2014 and has been the CEO of
Banco Fibra since October 2013, and a deputy member of the Board of Directors of
Transnordestina Log&#237;stica S.A. since December 2013. In the past 5 years, he
served as executive officer of Santander Financiamentos and CEO of Webmotors,
from December 2011 to September 2012 he acted as Executive Vice-President of
Finance, from September 2012 to October 2013 he acted as Executive
Vice-President of Finance, Insurance, Payroll-Deductible Loans and Real Estate
Business, cumulatively holding the positions of (i) member of the Board of
Directors of Banco RCI Brasil, (ii) member of the Board of Directors of TECBAN
(iii) Head of the Vehicle Financing Division of FEBRABAN, and invited member of
the Board of Directors of ZURICH. He has a degree in Business Administration
from Faculdade de Administra&#231;&#227;o de Empresas de Santos and an incomplete MBA
program in Finance at IBMEC.</FONT></P>
<P style="BACKGROUND: white; PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 6pt 9.65pt 6pt 0in; LINE-HEIGHT: 150%"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none" face=Calibri,sans-serif></FONT></I></B>&nbsp;</P>
<P style="BACKGROUND: white; PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 6pt 9.65pt 6pt 0in; LINE-HEIGHT: 150%"><B><I><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>Declaration by the
candidates for positions on the Board of Directors in relation to legal and
administrative convictions (including criminal):</FONT></U></I></B><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif> </FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Mr. Benjamin Steinbruch declared, for all legal
purposes, that over the past 5 years, he has not been subject to any criminal
conviction, any convictions or penalty in administrative proceedings before the
CVM or any final and unappealable decision, whether legal or administrative,
suspending or disqualifying him from practicing any professional or business
activity. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Mr. Antonio Francisco dos Santos declared, for all legal
purposes, that over the past 5 years, he has not been subject to any criminal
conviction, any convictions or penalty in administrative proceedings before the
CVM or any final and unappealable decision, whether legal or administrative,
suspending or disqualifying him from practicing any professional or business
activity.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Mr. Fernando Perrone declared, for all legal purposes,
that over the past 5 years, he has not been subject to any criminal conviction,
any convictions or penalty in administrative proceedings before the CVM or any
final and unappealable decision, whether legal or administrative, suspending or
disqualifying him from practicing any professional or business
activity.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Mr. Yoshiaki Nakano declared, for all legal purposes,
that over the past 5 years, he has not been subject to any criminal conviction,
any convictions or penalty in administrative proceedings before the CVM or any
final and unappealable decision, whether legal or administrative, suspending or
disqualifying him from practicing any professional or business
activity.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Mr. Antonio Bernardo Vieira Maia declared, for all legal
purposes, that over the past 5 years, he has not been subject to any criminal
conviction, any convictions or penalty in administrative proceedings before the
CVM or any final and unappealable decision, whether legal or administrative,
suspending or disqualifying him from practicing any professional or business
activity.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Mr. Luis Felix Cardamone Neto declared, for all legal
purposes, that over the past 5 years, he has not been subject to any criminal
conviction, any convictions or penalty in administrative proceedings before the
CVM or any final and unappealable decision, whether legal or administrative,
suspending or disqualifying him from practicing any professional or business
activity.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Existence of marital or stable relationships or
relationships of kinship up to the second degree between:</FONT></B></P>
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      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 11pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>a) the Company&#8217;s managers</FONT></P></TD></TR>
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      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 11pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Not applicable.</FONT></P></TD></TR>
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      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 11pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>b) managers of the Company and managers of direct
      or indirect subsidiaries of the Company</FONT></P></TD></TR>
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      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 11pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Not applicable.</FONT></P></TD></TR>
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      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 11pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>c) managers of the Company or of its direct or
      indirect subsidiaries and direct or indirect controllers of the
      Company</FONT></P></TD></TR>
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    <TD style="HEIGHT: 19.45pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="100%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 11pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Not applicable.</FONT></P></TD></TR>
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    <TD style="HEIGHT: 11pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: silver; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 11pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>d) managers of the Company and managers of direct
      or indirect controllers of the Company</FONT></P></TD></TR>
  <TR style="HEIGHT: 19.45pt">
    <TD style="HEIGHT: 19.45pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="100%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 11pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Not
applicable.</FONT></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Relationships of subordination, service provision or
control in the last three fiscal years between the management of the Company
and: </FONT></B></P>
<DIV align=left>
<TABLE style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-BOTTOM: medium none; MARGIN-LEFT: 0.1pt; BORDER-LEFT: medium none" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 11pt">
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: silver; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 11pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>a) the Company&#8217;s direct or indirect
      subsidiaries</FONT></P></TD></TR>
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    <TD style="HEIGHT: 19.45pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 11pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Not applicable. </FONT></P></TD></TR>
  <TR style="HEIGHT: 11pt">
    <TD style="HEIGHT: 11pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: silver; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 11pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>b) the Company&#8217;s direct or indirect
      controller</FONT></P></TD></TR>
  <TR style="HEIGHT: 19.45pt">
    <TD style="HEIGHT: 19.45pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Mr. Luis Felix Cardamone Neto is the CEO of Banco
      Fibra, which is under the same controlling structure of Vicunha
      Siderurgia, one of the controllers of the Company.</FONT></P></TD></TR>
  <TR style="HEIGHT: 11pt">
    <TD style="HEIGHT: 11pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: silver; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 11pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>c) suppliers, customers, debtors or creditors of
      the Company, its subsidiaries or controllers, or the subsidiaries of any
      of these persons, if material</FONT></P></TD></TR>
  <TR style="HEIGHT: 19.45pt">
    <TD style="HEIGHT: 19.45pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 11pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Not
applicable.</FONT></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 11pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 11pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal">&nbsp;</P>
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<DIV align=left>&nbsp;</DIV></DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt"><FONT style="DISPLAY: none"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif></FONT></FONT>&nbsp;</P></DIV>
<DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Calibri>54</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_55></A>
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<a name="_bclHeader55"></a><DIV>&nbsp;</DIV>
<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: #4f81bd 1pt solid; PADDING-BOTTOM: 4pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">
<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.25pt; TEXT-AUTOSPACE: ideograph-numeric" color=#17365d face=Calibri,sans-serif>ATTACHMENT IV &#8211; Bylaws with changes in
highlights</FONT></B></P></DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=PT-BR style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>COMPANHIA SIDER&#218;RGICA NACIONAL</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT lang=PT-BR style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT lang=PT-BR style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=PT-BR style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Bylaws</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT lang=PT-BR style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT lang=PT-BR style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=PT-BR style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Chapter I</FONT></B></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=PT-BR style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=PT-BR style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>NAME, OBJECT, HEADQUARTERS AND DURATION</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Article 1 -&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Companhia Sider&#250;rgica Nacional, a publicly-held
corporation established on April 9, 1941, shall be governed by these Bylaws and
the applicable legislation.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Article 2 -&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>The purpose of the Company is to manufacture, transform
and sell steel products and by products, including importing and exporting
thereof, and to exploit any other similar activities that may, directly or
indirectly, be related to the purposes of the Company, such as: mining, cement
and carbon-chemical industries, metallic structure manufacture and assembly,
construction, transportation, navigation and port activities.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Article 3 -&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>The Company has its legal domicile and head office in
the city of S&#227;o Paulo, State of S&#227;o Paulo, and may open or close branches,
agencies, offices or representations in any part of the country or
abroad.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Article 4 -</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>&nbsp;&nbsp;&nbsp; The Company shall remain in existence
for an indefinite term.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Chapter II</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>
<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 150%" align=center><FONT style="LINE-HEIGHT: 150%"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>CAPITAL AND SHARES</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Article 5 - &nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>The</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>capital stock of the Company, fully subscribed and paid
in, is R$4,540,000,000.00 (four billion, five hundred and forty million reais),
divided into </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=#0033cc face=Calibri,sans-serif>1,387,524,047 (one billion, three hundred and
eight-seven million, five hundred and twenty-four thousand and forty-seven)
</FONT><STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=red face=Calibri,sans-serif>1,457,970,108 (one billion, four hundred and fifty-seven
million, nine hundred and seventy thousand, one hundred and
eight)</FONT></STRIKE><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif> common, book-entry shares with no par value.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 127.6pt; LINE-HEIGHT: normal; TEXT-INDENT: -127.6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Sole Paragraph - Each common share shall entitle the
holder to one vote in the resolutions of the General Meeting.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 127.6pt; LINE-HEIGHT: normal; TEXT-INDENT: -127.6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Article 6 -&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Unless otherwise decided by the General Meeting,
dividends and interest on equity shall be paid within 60 (sixty) days as from
the date they are declared and in any event during the same fiscal
year.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Article 7 - </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>&nbsp;&nbsp; The capital stock of the Company may be
increased to up 2,400,000,000 (two billion four hundred million) shares, by
decision of the Board of Directors.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 127.6pt; LINE-HEIGHT: normal; TEXT-INDENT: -127.6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Paragraph 1 -The authorized capital stock may be
reached, upon one or more share issues, at the discretion of the Board of
Directors.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 127.6pt; LINE-HEIGHT: normal; TEXT-INDENT: -127.6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Calibri>55</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 127.6pt; LINE-HEIGHT: normal; TEXT-INDENT: -127.6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Paragraph 2&nbsp;&nbsp; -&nbsp; &nbsp;Shareholders shall have preemptive rights in the case of subscription to a capital increase in proportion to the number of shares held.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 127.6pt; LINE-HEIGHT: normal; TEXT-INDENT: -127.6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 127.6pt; LINE-HEIGHT: normal; TEXT-INDENT: -127.6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Paragraph 3&nbsp;&nbsp;&nbsp;-&nbsp; &nbsp;At the discretion of the Board of Directors, preemptive rights for existing shareholders may be excluded or the deadline for their exercise may be reduced in the case of the issue of shares and share-convertible debentures or subscription warrants, which are placed through sale on the stock exchange or by public subscription or through an exchange of shares in a public offer for the acquisition of control, pursuant to the prevailing legislation. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 127.6pt; LINE-HEIGHT: normal; TEXT-INDENT: -127.6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 127.6pt; LINE-HEIGHT: normal; TEXT-INDENT: -127.6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Paragraph 4&nbsp;&nbsp; -&nbsp;&nbsp;&nbsp; The Board of Directors shall establish the price, term and conditions of each issue. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 127.6pt; LINE-HEIGHT: normal; TEXT-INDENT: -127.6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 127.6pt; LINE-HEIGHT: normal; TEXT-INDENT: -127.6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Paragraph 5 -&nbsp;&nbsp;&nbsp;&nbsp; Shareholders who fail to pay in the subscribed shares, as per the subscription order or call, shall be declared, for all legal purposes, to be in default and shall pay the Company interest of one percent (1%) per month or a fraction thereof, from the first (1st) day as of the failure to perform the obligation, adjusted for inflation pursuant to the law, in addition to a fine equivalent to ten per cent (10%) of the amount in arrears and not paid in.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Chapter III</FONT></B></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>GENERAL MEETING</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Article 8 -&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>The General Meeting is empowered to decide on all business related to the Company, take any resolutions it deems appropriate for its defense and development, and shall be called, with an indication of the agenda, as provided for by the law. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>&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; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Article 9 -</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>&nbsp;&nbsp;&nbsp; The General Meeting shall be convened and chaired by the chairman of the Board of Directors or, in his or her absence, by whomever he or she appoints.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 127.6pt; LINE-HEIGHT: normal; TEXT-INDENT: -127.6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Sole Paragraph -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Chairman shall appoint the secretary of the General Meeting.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Article 10 -&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>The General Meeting shall meet ordinarily in the first four months following the end of the fiscal year in order to discuss matters referred to in article 132 of Law 6404 of December 15, 1976, and extraordinarily whenever corporate interests so require.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Article 11 -</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>&nbsp; Shareholders may be represented by a legal representative in the General Meetings as per Law 6404 of December 15, 1976 as long as the power-of-attorney is submitted to the company's headquarters up to 48 (forty-eight) hours before the time established for the Meeting.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Chapter IV</FONT></B></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>MANAGEMENT</FONT></B></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><U><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Section I</FONT></U></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Standard Rules</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Article 12 -</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>&nbsp; The management of the Company shall be incumbent upon the Board of Directors and the Board of Executive Officers.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Article 13 -</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>&nbsp; The remuneration of the managers shall be established by the General Meeting in accordance with the provisions of this article.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 127.6pt; LINE-HEIGHT: normal; TEXT-INDENT: -127.6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Paragraph 1&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp; The fixed overall or individual remuneration of the managers, at the discretion of the General Meeting, shall comprise a fixed monthly amount, which are the fees, and in the case of the executive officers, may also include a variable amount to be paid yearly, calculated on the net income of the Company after formation of the reserves required by law, including for the payment of income tax, and of the provision for mandatory dividends.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 127.6pt; LINE-HEIGHT: normal; TEXT-INDENT: -127.6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Paragraph 2&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="FONT-SIZE: 10pt" face=Calibri>-</FONT>&nbsp;&nbsp;&nbsp;&nbsp; In the event that the General Meeting establishing an aggregate amount for the managers&#8217; remuneration, it is incumbent on the Board of Directors to distribute said amount. </FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><U><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Section II</FONT></U></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>BOARD OF DIRECTORS</FONT></U></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Article 14 -</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>&nbsp; The Board of Directors is composed of up to 11 (eleven) members, elected by resolution of the General Meeting, with a term of office of 1 (one) year, reelection being allowed. One member shall be the Chairman and another the Vice-Chairman. The term of office of the Board Members shall extend until the investiture of their successors.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 127.6pt; LINE-HEIGHT: normal; TEXT-INDENT: -127.6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Paragraph 1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp;&nbsp;&nbsp; The Chairman and Vice-Chairman of the Board of Directors shall be chosen by their peers, by majority vote, at the first meeting held after their investiture.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 127.6pt; LINE-HEIGHT: normal; TEXT-INDENT: -127.6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Paragraph 2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp;&nbsp;&nbsp; In the event that the employees of the Company, whether or not joined in an investment club or as co-owners, do not have a sufficient shareholding to guarantee membership on the Board of Directors, one position on the Board shall be reserved for the person chosen by the employees and in such a capacity, indicated to the General Meeting, through a specific procedure, to be elected to fill said position.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 127.6pt; LINE-HEIGHT: normal; TEXT-INDENT: -127.6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Paragraph 3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp;&nbsp;&nbsp; The Executive Officers shall be entitled to speak, when called to attend the Board of Directors meetings.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Article 15 -</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>&nbsp; The Board of Directors shall meet, ordinarily, on the dates established in the yearly calendar approved by said Board in the last month of the immediately preceding year, and extraordinarily whenever called by the Chairman, the Vice-Chairman, when exercising the role of chairman, or the majority of its Members.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 127.6pt; LINE-HEIGHT: normal; TEXT-INDENT: -127.6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Paragraph 1&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp;&nbsp;&nbsp; The meetings of the Board of Directors shall only be installed with the attendance of a majority of its members, and shall be presided over by its Chairman.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 127.6pt; LINE-HEIGHT: normal; TEXT-INDENT: -127.6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Paragraph 2&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp;&nbsp;&nbsp; The Board of Directors meetings may be held, exceptionally, by conference call, video conferencing, electronic mail, or other means of communication, computing as present those members who vote by any of these means.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 127.6pt; LINE-HEIGHT: normal; TEXT-INDENT: -127.6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Paragraph 3&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp;&nbsp;&nbsp; Minutes of the meetings shall be drawn up in a book for this purpose and, after having read and approved by those members present, shall be signed by a sufficient number to constitute the majority required for approval of the matters under examination.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 127.6pt; LINE-HEIGHT: normal; TEXT-INDENT: -127.6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 127.6pt; LINE-HEIGHT: normal; TEXT-INDENT: -127.6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Paragraph 4&nbsp;&nbsp; -&nbsp;&nbsp;&nbsp;&nbsp; Board resolutions shall be passed by a majority vote of those present. In the event of a tie, the Chairman of the meeting shall have the casting vote, in addition to his own.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 127.6pt; LINE-HEIGHT: normal; TEXT-INDENT: -127.6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Paragraph 5&nbsp;&nbsp; -&nbsp;&nbsp;&nbsp;&nbsp; Meetings shall be called at least 72 (seventy-two) hours prior to the date of the meeting.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 127.6pt; LINE-HEIGHT: normal; TEXT-INDENT: -127.6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Paragraph 6&nbsp;&nbsp; -&nbsp;&nbsp;&nbsp;&nbsp; The Board of Directors shall have a General Secretary, in whose absence will be replaced by another employee or manager designated by the Chairman of the Board.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Article 16 -</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>&nbsp; In the cases of vacancy, temporary impediment, or absence of a member of the Board of Directors, the following rules shall be observed:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I- In the case of vacancy of any member of the Board of Directors, the remaining members shall appoint a substitute to serve until the Company's next General Meeting, if the number of remaining members is less than the minimum provided in these bylaws, and who, if confirmed by the respective General Meeting, shall complete the term of the member replaced.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; II- In the case of temporary impediment or absence of any member of the Board of Directors, the absent or impeded member may indicate a replacement from among the other members, who will replace and represent the impeded or absent member as long as the impediment lasts. If said impediment lasts for more than ninety days, however, the position will be deemed to be vacant.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=blue face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; III- If the vacancy occurs in the position of Chairman, the Vice-Chairman shall assume the office of Chairman or, in the lack thereof, by another member chosen by the remaining members. In the case of the Chairman's temporary impediment or absence, he shall be replaced by the Vice-Chairman or, in the lack thereof, by another member appointed by him.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=blue face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IV- In the cases of temporary impediment or absence under this Article 16, representatives shall act on their own behalf and on that of the members represented.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=red face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Article 17 -</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>&nbsp; Board Members shall, upon request, receive copies of the minutes of meetings of the Board of Executive Officers and any special committees created by the Board of Directors hereunder.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>&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; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Article 18 -</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>&nbsp; The Board of Directors may form special committees to assist it, with defined purposes and limited terms of activities, designating the members thereof.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 127.6pt; LINE-HEIGHT: normal; TEXT-INDENT: -127.6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Sole Paragraph -&nbsp;&nbsp; The special committees created by the Board of Directors will have neither an executive nor a deliberative function and their recommendations, proposals and/or opinions should be submitted for consideration by the Board of Directors.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Article 19 -</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>&nbsp; In addition to the duties established by law, it is incumbent upon the Board of Directors:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 141.75pt; LINE-HEIGHT: normal; TEXT-INDENT: -141.75pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>&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; MARGIN: 0in 0in 0pt 141.75pt; LINE-HEIGHT: normal; TEXT-INDENT: -141.75pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;I -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to establish the general policy for the businesses of the Company, its wholly-owned subsidiaries and controlled companies;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 141.75pt; LINE-HEIGHT: normal; TEXT-INDENT: -141.75pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;II -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to approve the annual and pluriannual budgets, expansion projects and investment programs, and to follow up on execution and performance thereof;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 141.75pt; LINE-HEIGHT: normal; TEXT-INDENT: -141.75pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;III -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to elect and dismiss the members of the Board of Executive Officers and assign their duties;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 141.75pt; LINE-HEIGHT: normal; TEXT-INDENT: -141.75pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;IV - &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to elect and dismiss the members of the Audit Committee and, if a position becomes vacant, to elect a substitute to complete the term of office of the replaced member;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 141.75pt; LINE-HEIGHT: normal; TEXT-INDENT: -141.75pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;V -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to assign to an Executive Officer the function of investor relations officer, which may or may not be exercised concurrently with other executive functions and whose powers are establish&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; by law;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 141.75pt; LINE-HEIGHT: normal; TEXT-INDENT: -141.75pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;VI -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to appoint and dismiss the Company's independent auditors after hearing the recommendation of the Audit Committee;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 141.75pt; LINE-HEIGHT: normal; TEXT-INDENT: -141.75pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;VII -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to appoint and dismiss the person responsible for the internal audit, who shall be a legally qualified employee of the Company and report to the Chairman of the Board of Directors;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 141.75pt; LINE-HEIGHT: normal; TEXT-INDENT: -141.75pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;VIII -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to decide on capital increases within the limits of authorized capital, observing the provisions of Article 7 of these Bylaws;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 141.75pt; LINE-HEIGHT: normal; TEXT-INDENT: -141.75pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,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;&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 141.75pt; LINE-HEIGHT: normal; TEXT-INDENT: -141.75pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;IX -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to authorize trading by the Company of its own shares for maintenance in treasury for subsequent sale or cancellation;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 141.75pt; LINE-HEIGHT: normal; TEXT-INDENT: -141.75pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;X -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to establish the terms and other conditions for the placement of debentures, including those convertible to shares, specifying the limit of the capital increase resulting from the conversion of the debentures and the type and class of shares to be issued, as well as determining the conditions stated in items VI to VIII inclusive of article 59 of Law 6404/76 and the opportunity for issuance in other cases;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 141.75pt; LINE-HEIGHT: normal; TEXT-INDENT: -141.75pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;XI -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to decide on the issuance by the Company of commercial papers, bonds, notes, and other securities intended to raise funds through primary or secondary distribution on the domestic or international capital markets;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 141.75pt; LINE-HEIGHT: normal; TEXT-INDENT: -141.75pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;XII -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to establish criteria for the following acts by the Executive Officers, independently of prior authorization by the Board of Directors;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 141.75pt; LINE-HEIGHT: normal; TEXT-INDENT: -141.75pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 0pt 195pt; LINE-HEIGHT: normal; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>a)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>acquisition, disposal and encumbrance of any permanent asset;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 0pt 195pt; LINE-HEIGHT: normal; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>b)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>conduction of any legal business by the Company, including financing and loans, including companies directly or indirectly controlled by the Company;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 0pt 195pt; LINE-HEIGHT: normal; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>c)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>the constitution of any type of guarantee or encumbrance on any asset that is not part of the Company&#8217;s permanent assets, including for the benefit or in favor of third parties as long as the party is a subsidiary entity, subsidiary or affiliate of the Company;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 177pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 141.75pt; LINE-HEIGHT: normal; TEXT-INDENT: -141.75pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XIII -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to decide on the operation or action constituting a transfer of the Company's funds to others, including employee associations, recreational assistance entities, pension funds, foundations and public corporations;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 141.75pt; LINE-HEIGHT: normal; TEXT-INDENT: -141.75pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;XIV -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to require audits of companies, foundations and similar entities in which the Company participates;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Calibri>59</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 141.75pt; LINE-HEIGHT: normal; TEXT-INDENT: -141.75pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;XV -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to resolve on any acts involving transformation, consolidation, spin-off, incorporation or liquidation of companies in which the Company has corporate holding;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 141.75pt; LINE-HEIGHT: normal; TEXT-INDENT: -141.75pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XVI -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to decide on the establishment of subsidiaries by the Company, as well as on the acquisition of equity interest, and to resolve on the representation at the General Meetings and shareholders&#8217; meetings and on matters submitted to said meetings;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 141.75pt; LINE-HEIGHT: normal; TEXT-INDENT: -141.75pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XVII -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to appoint and dismiss the General Secretary of the Board of Directors and define his duties;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 141.75pt; LINE-HEIGHT: normal; TEXT-INDENT: -141.75pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 141.75pt; LINE-HEIGHT: normal; TEXT-INDENT: -141.75pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XVIII -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to establish policies for taking up tax incentives;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 141.75pt; LINE-HEIGHT: normal; TEXT-INDENT: -141.75pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 141.75pt; LINE-HEIGHT: normal; TEXT-INDENT: -141.75pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XIX -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to establish the remuneration, determine the duties, and approve the operational rules for the functioning of the Audit Committee and any other committees that may be created;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 141.75pt; LINE-HEIGHT: normal; TEXT-INDENT: -141.75pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XX -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to resolve any omissions and perform other legal duties that do not conflict with those established by these Bylaws or by Law;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 141.75pt; LINE-HEIGHT: normal; TEXT-INDENT: -141.75pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 141.75pt; LINE-HEIGHT: normal; TEXT-INDENT: -35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>XXI -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to resolve on any matters that go beyond the authority established by the Executive Board, as provided for in Article 19;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.2pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 141.75pt; LINE-HEIGHT: normal; TEXT-INDENT: -141.75pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,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;</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><U><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Section III</FONT></U></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>EXECUTIVE BOARD</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Article 20 -</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>&nbsp; The Company shall have a Board of Executive Officers composed of 2 (two) to 9 (nine) Executive Officers, at the discretion of the Board of Directors, one of whom to be the Chief Executive Officer and the other Executive Officer, each having an area of activity determined by the Board of Directors, one of whom shall be designated as the investor relations officer.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt; LINE-HEIGHT: normal; TEXT-INDENT: -106.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Paragraph 1 -&nbsp;&nbsp;&nbsp; The term of office of the Executive Officers is two years, reelection being allowed, and will last until their respective successors take office;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt; LINE-HEIGHT: normal; TEXT-INDENT: -106.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt; LINE-HEIGHT: normal; TEXT-INDENT: -106.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Paragraph 2&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; In the case of impediment or vacancy of any Officer, said Officer will be replaced in accordance with the determination of the Board of Directors. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt; LINE-HEIGHT: normal; TEXT-INDENT: -106.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt; LINE-HEIGHT: normal; TEXT-INDENT: -106.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Paragraph 3&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp;&nbsp;The Executive Officers shall perform their duties on a full-time basis.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt; LINE-HEIGHT: normal; TEXT-INDENT: -106.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Article 21</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp;&nbsp;&nbsp; With due regard for the guidelines and resolutions of the Board of Directors and the General Meeting, the Board of Executive Officers shall have authority to administer and manage the business of the Company, with powers to perform all acts and carry out all transactions related to the purpose of the Company, with due regard for the provisions established by the Board of Directors (Article 19, item XII) and other provisions provided for herein.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 92.15pt; LINE-HEIGHT: normal; TEXT-INDENT: -92.15pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Paragraph </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>1 -&nbsp;&nbsp; It is incumbent upon the Board of Executive Officers to appoint an Executive Officer or attorney in fact with specific powers to represent the Company severally in certain acts.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 92.15pt; LINE-HEIGHT: normal; TEXT-INDENT: -92.15pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Paragraph </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>2 -&nbsp;&nbsp; The Board of Executive Officers shall authorize the opening, transfer or closing of branches, agencies, offices and establishments of any other kind of the Company.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 92.15pt; LINE-HEIGHT: normal; TEXT-INDENT: -92.15pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 92.15pt; LINE-HEIGHT: normal; TEXT-INDENT: -92.15pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Paragraph </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>3 -&nbsp;&nbsp;&nbsp; The Board of Executive Officers shall approve the names of the persons to be </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>appointed by the Company to the executive boards and boards of directors, advisory, fiscal and decision-making councils of subsidiaries directly or indirectly controlled by or associated with the Company, as well as associations, foundations and other types of corporate groups in which the Company participates.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 92.15pt; LINE-HEIGHT: normal; TEXT-INDENT: -92.15pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 92.15pt; LINE-HEIGHT: normal; TEXT-INDENT: -92.15pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Article 22</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif> &nbsp;&nbsp; -&nbsp;&nbsp;&nbsp;&nbsp; The Board of Executive Officers shall meet whenever summoned by the Chief Executive Officer or by two Executive Officers, and shall be installed if a majority of its members are present.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 92.15pt; LINE-HEIGHT: normal; TEXT-INDENT: -92.15pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Paragraph 1 -&nbsp;&nbsp;&nbsp; The Board of Executive Officers shall decide always by a majority vote of those present. In the event of a tie, the Board of Executive Officers shall submit the matter to the Board of Directors for resolution. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 92.15pt; LINE-HEIGHT: normal; TEXT-INDENT: -92.15pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 92.15pt; LINE-HEIGHT: normal; TEXT-INDENT: -92.15pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Paragraph 2 -&nbsp;&nbsp;&nbsp; Resolutions of the Board of Executive Officers shall be recorded in minutes drawn up in the proper book and signed by all present members, the copies of all minutes being sent to the members of the Board of Directors upon request.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Article 23</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,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; The Chief Executive Officer shall:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; preside over meetings of the Board of Executive Officers;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 134.7pt; LINE-HEIGHT: normal; TEXT-INDENT: -134.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; II - &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; carry out the executive direction of the Company, to that end coordinating and supervising the activities of the other Executive Officers, ensuring full observance of the resolutions and policies established by the Board of Directors and General Meeting;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 134.7pt; LINE-HEIGHT: normal; TEXT-INDENT: -134.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; III - &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; organize, coordinate and supervise the activities of the areas directly subordinate to him;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 134.7pt; LINE-HEIGHT: normal; TEXT-INDENT: -134.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IV - &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; allocate special activities and duties to any of the Executive Officers independently of their normal ones, ad referendum of the Board of Directors;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 134.7pt; LINE-HEIGHT: normal; TEXT-INDENT: -134.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; V - &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; keep the Board of Directors informed of the activities of the Company; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 134.7pt; LINE-HEIGHT: normal; TEXT-INDENT: -134.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VI -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; prepare, with the assistance of the other Executive Officers, and submit to the Board of Directors proposals to (i) define the duties of the other Executive Officers; and (ii) establish the criteria as to amounts or limit for expenditure for acts by each of the Executive Officers; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 134.7pt; LINE-HEIGHT: normal; TEXT-INDENT: -99.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,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; VII -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; prepare the annual report and draw up the balance sheet, together with the other Executive Officers.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Article 24</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp;&nbsp;&nbsp; It is incumbent upon each of the Executive Officers, within the specific sphere of activity allocated to them by the Board of Directors:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 134.7pt; LINE-HEIGHT: normal; TEXT-INDENT: -134.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I - &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to represent the Company in accordance with the law and these bylaws;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 134.7pt; LINE-HEIGHT: normal; TEXT-INDENT: -134.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 134.7pt; LINE-HEIGHT: normal; TEXT-INDENT: -134.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; II - &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to organize, coordinate and supervise the services for which they are responsible;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 134.7pt; LINE-HEIGHT: normal; TEXT-INDENT: -134.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 134.7pt; LINE-HEIGHT: normal; TEXT-INDENT: -134.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; III - &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to attend Board of Executive Officers meetings, helping define the policies to be followed by the Company and reporting on matters in their respective areas of supervision and coordination;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 92.15pt; LINE-HEIGHT: normal; TEXT-INDENT: -92.15pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Calibri>61</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 134.7pt; LINE-HEIGHT: normal; TEXT-INDENT: -134.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IV -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to comply and cause compliance with the policies and general guidelines for the business of the Company established by the Board of Directors, each Executive Officer being responsible for his specific area of activity.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Article 25</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp;&nbsp;&nbsp; The representation of the Company and the practice of acts necessary for its normal operation shall be the responsibility of the Executive Officers, subject to the following provisions.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 150%"><FONT style="LINE-HEIGHT: 150%"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 134.7pt; LINE-HEIGHT: normal; TEXT-INDENT: -134.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I &#8211; All acts, agreements or documents that imply responsibility for the Company or that release third parties from responsibilities or obligations with the Company shall be signed (a) by two Executive Officers, (b) by an Executive Officer and one attorney in fact with these specific powers, or (c) by two attorneys in fact with these specific powers;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 150%"><FONT style="LINE-HEIGHT: 150%"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 134.7pt; LINE-HEIGHT: normal; TEXT-INDENT: -134.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; II &#8211;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; With the exception of the provisions in these Bylaws, the Company may be represented by any one Executive Officers or attorney in fact with special powers in the following circumstances: (i) when performing simple routine administrative acts, including those in connection with government departments in general, autonomous government entities, government-owned companies, mixed-capital companies, the Commercial Registry, Labor Courts, National Social Security Institute, Unemployment Compensation Fund, and its banks, (ii) before public service concessionaires or licensees in acts that do not imply the assumption or release of third party obligations; (iii) to protect its rights in administrative proceedings or of any nature, and in meeting its tax, labor, or social security obligations; (iv) in the endorsement of securities for purposes of collection or deposit in the Company's bank accounts; (v) to represent the Company in general meetings of shareholders or the equivalent of companies, consortia, and other entities in which the Company participates; (vi) for the purpose of receiving subpoenas, citations, notices, or judicial notifications in active and passive representation of the Company in court and testify in person, or similar acts; and (vii) the signature of documents of any kind that may result in the assumption of commitments by the Company in circumstances in which the presence of a second representative is not possible and if authorized by the Board of Executive Officers (Art. 21, paragraph 1)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 134.7pt; LINE-HEIGHT: normal; TEXT-INDENT: -134.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 134.7pt; LINE-HEIGHT: normal; TEXT-INDENT: -134.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt; LINE-HEIGHT: normal; TEXT-INDENT: -106.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Paragraph 1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The acts for which these Bylaws require prior authorization by the Board of Directors may only be performed after said condition has been met;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt; LINE-HEIGHT: normal; TEXT-INDENT: -106.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Paragraph 2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Board of Directors shall define the amount above which the acts and instruments entailing liabilities for the Company shall necessarily be signed by an Executive Officer jointly with an attorney in fact with specific powers;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 134.7pt; LINE-HEIGHT: normal; TEXT-INDENT: -134.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Article 26</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif> &nbsp;&nbsp; -&nbsp;&nbsp;&nbsp;&nbsp; The following rules shall be observed as regards the appointment of attorneys in fact:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 134.7pt; LINE-HEIGHT: normal; TEXT-INDENT: -134.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; all powers of attorney shall be signed by two Executive Officers or by one Executive Officer jointly with an attorney in fact appointed by the Board of Directors; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 92.15pt; LINE-HEIGHT: normal; TEXT-INDENT: -92.15pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 134.7pt; LINE-HEIGHT: normal; TEXT-INDENT: -134.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; II -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Except in the event of judicial powers of attorney, which may be granted for an indefinite period, all powers of attorney shall be granted for a specific term of no more than one year, with specific and limited powers.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Calibri>62</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Article 27</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp;&nbsp;&nbsp; Any acts performed without due regard for the rules established in these bylaws, particularly in articles 25 and 26, shall be null and void, and shall not give rise to any liabilities for the Company.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><U><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Chapter V</FONT></U></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>FISCAL COUNCIL</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Article 28</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp;&nbsp;&nbsp; <FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>Designed to function in the fiscal years in which it is constituted at the request of shareholders, the Fiscal Council shall be composed of 3 (three) sitting members and 3 (three) </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>alternates</FONT></FONT><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif> elected by the General Meeting, which shall establish the compensation of the sitting members.</FONT></FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif></FONT></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 120.5pt; LINE-HEIGHT: normal; TEXT-INDENT: -120.5pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Sole Paragraph -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fiscal Council's term of office ends upon the first Annual General Meeting held after it has been constituted.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 120.5pt; LINE-HEIGHT: normal; TEXT-INDENT: -120.5pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 120.5pt; LINE-HEIGHT: normal; TEXT-INDENT: -120.5pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><U><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Chapter VI</FONT></U></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 141.75pt; LINE-HEIGHT: normal; TEXT-INDENT: -49.6pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 141.75pt; LINE-HEIGHT: normal; TEXT-INDENT: -49.6pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>AUDIT COMMITTEE</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Article 29 &nbsp;&nbsp; -&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>The Company will have an Audit Committee composed of three (3) members elected by the Board of Directors from among its members, with term of office of one (1) year, reelection being allowed.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 120.5pt; LINE-HEIGHT: normal; TEXT-INDENT: -120.5pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 120.5pt; LINE-HEIGHT: normal; TEXT-INDENT: -120.5pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Sole Paragraph&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp; The Board of Directors will approve the Internal Rules of the Committee, whereby its functions and duties, which shall comply with the laws and regulations applicable to audit committees, will be determined.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 120.5pt; LINE-HEIGHT: normal; TEXT-INDENT: -120.5pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 120.5pt; LINE-HEIGHT: normal; TEXT-INDENT: -120.5pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><U><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Chapter VII</FONT></U></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>FISCAL YEAR, BALANCE SHEETS AND PROFITS</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Article 30</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp;&nbsp;&nbsp; The fiscal year shall end on December 31 of each year, when the Financial Statements shall be drawn up and, after examination by the Board of Directors, submitted to the General Meeting, along with the proposal for allocation of net income for the year.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt; LINE-HEIGHT: normal; TEXT-INDENT: -106.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Paragraph 1 -&nbsp;&nbsp;&nbsp; The accumulated losses and provision for income and social contribution taxes will be deducted from the result of the year, prior to any profit sharing.</FONT></P>

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<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Paragraph 2 -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The net income shall mandatorily have the following allocation:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 141.6pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>I &#8211; five per cent (5%) shall be allocated to the legal reserve fund until reaching twenty per cent (20%) of the subscribed capital stock;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,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;&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; II &#8211; payment of mandatory dividends (Article 33);</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 141.6pt; LINE-HEIGHT: normal; TEXT-INDENT: 0.15pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>III &#8211; allocation of the remaining income shall be resolved by the General Meeting, observing the legal precepts.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt; LINE-HEIGHT: normal; TEXT-INDENT: -106.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Paragraph 3&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp;&nbsp;&nbsp; The Board of Directors may propose, for the deliberation of the Meeting, the deduction of at least 1% (one percent) from net income for the year for the </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>establishment of a Working Capital and Investment Reserve, in accordance with the following precepts:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt; LINE-HEIGHT: normal; TEXT-INDENT: -106.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 141.6pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>I &#8211; its constitution shall not jeopardize the right to minimum mandatory dividends referred to in Article. 33; </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 141.6pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>II &#8211; its balance in conjunction with the other income reserves, excluding reserves for contingencies and unrealized profits, may not exceed the Company&#8217;s capital stock, under penalty of capitalization or distribution in cash of the surplus at the discretion of the General Meeting;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 141.6pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 141.6pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>III &#8211; the reserve is intended to ensure the maintenance and development of activities that constitute the Company's corporate purpose and investments in fixed assets, or additions to working capital including through amortizations of the Company&#8217;s debt, independently of the retention of profits linked to the capital budget;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 141.6pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>IV - its balance may be used (i) to absorb losses whenever necessary, (ii) for the distribution of dividends at any time, (iii) for the redemption, repayment, or purchase of shares as authorized by law, and (iv) be incorporated into the Company&#8217;s capital, including through stock bonuses consisting of new shares.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Article</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif> </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>31</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp;&nbsp;&nbsp; In addition, it shall be incumbent upon the Board of Directors: </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 141.6pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>I &#8211; to determine the drawing up of half-yearly and quarterly balance sheets, or for shorter periods, observing the legal precepts;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 141.6pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>II &#8211; to approve the payment of any additional interim dividends, including as a total or partial advance on the mandatory dividend for the year in progress, observing the legal provisions;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 141.6pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>III &#8211; to declare dividends to the year&#8217;s profit account verified in the half-yearly balance sheets, retained earnings or profit reserves existing in the last annual or half-yearly balance sheet;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 141.6pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>IV &#8211; pay interest on equity attributing the interest paid or credited to the mandatory dividend (Article 33), pursuant to Article 9, paragraph 7 of Law 9249 of December 26, 1995.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Article</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif> </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>32</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif> &nbsp;&nbsp; -&nbsp;&nbsp;&nbsp;&nbsp; The Board of Directors&#8217; act to resolve on the advance payment of the mandatory dividend shall determine if these payments will be monetarily restated, deducted from the mandatory dividend for the year and once this deduction is determined, the Annual General Meeting will be the payment of the mandatory balance, if any, as well as the reversal to the original account of the amount paid in advance.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Article 33</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp;&nbsp;&nbsp; The dividend distribution shall not be less than 25% (twenty-five percent) of the net income, pursuant to article 202 of Law 6404 of December 15, 1976, and in compliance with Article 30 hereof.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Article 34</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp;&nbsp;&nbsp; Dividends shall be paid on the dates and at the places indicated by the Executive Officer in charge of the Investor Relations area. If not claimed within 3 (three) years as from the beginning of the payment, dividends shall become time-barred in favor of the Company.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><U><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Chapter VIII</FONT></U></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Article</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif> </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>35</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp;&nbsp;&nbsp; The Company shall be liquidated in the events established by Law, with due regard for the applicable rules.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 113.4pt; LINE-HEIGHT: normal; TEXT-INDENT: -113.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Sole Paragraph&nbsp; -&nbsp; The General Meeting that approves the liquidation shall appoint the liquidator and the members of the Fiscal Council that shall function during the liquidation period, establishing their respective fees.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Bylaws</FONT></B></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Chapter I</FONT></B></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>NAME, OBJECT, HEADQUARTERS AND DURATION</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Article 1 -&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Companhia Sider&#250;rgica Nacional, a publicly-held corporation established on April 9, 1941, shall be governed by these Bylaws and the applicable legislation.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Article 2 -</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>&nbsp;&nbsp;&nbsp; The purpose of the Company is to manufacture, transform and sell steel products and by products, including importing and exporting thereof, and to exploit any other similar activities that may, directly or indirectly, be related to the purposes of the Company, such as: mining, cement and carbon-chemical industries, metallic structure manufacture and assembly, construction, transportation, navigation and port activities.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Article 3 -</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>&nbsp;&nbsp;&nbsp; The Company has its legal domicile and head office in the city of S&#227;o Paulo, State of S&#227;o Paulo, and may open or close branches, agencies, offices or representations in any part of the country or abroad.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Article 4 -</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>&nbsp;&nbsp;&nbsp; The Company shall remain in existence for an indefinite term.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Chapter II</FONT></B></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 150%" align=center><FONT style="LINE-HEIGHT: 150%"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>CAPITAL AND SHARES</FONT></B></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Article 5 </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp;&nbsp;&nbsp; The capital stock of the Company, fully subscribed and paid in, is R$4,540,000,000.00 (four billion, five hundred and forty million reais), divided into 1,387,524,047 (one billion, three hundred and eight-seven million, five hundred and twenty-four thousand and forty-seven) common, book-entry shares with no par value.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 127.6pt; LINE-HEIGHT: normal; TEXT-INDENT: -127.6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Sole Paragraph &nbsp;- Each common share shall entitle the holder to one vote in the resolutions of the General Meeting.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Article 6 -</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>&nbsp;&nbsp;&nbsp; Unless otherwise decided by the General Meeting, dividends and interest on equity shall be paid within 60 (sixty) days as from the date they are declared and in any event during the same fiscal year.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Article 7 -</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>&nbsp;&nbsp;&nbsp; The capital stock of the Company may be increased to up 2,400,000,000 (two billion four hundred million) shares, by decision of the Board of Directors.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 127.6pt; LINE-HEIGHT: normal; TEXT-INDENT: -127.6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Paragraph 1 -&nbsp;&nbsp; The authorized capital stock may be reached, upon one or more share issues, at the discretion of the Board of Directors.</FONT></P>

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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Calibri>66</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 127.6pt; LINE-HEIGHT: normal; TEXT-INDENT: -127.6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Paragraph 2&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp;&nbsp; Shareholders shall have preemptive rights in the case of subscription to a capital increase in proportion to the number of shares held.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 127.6pt; LINE-HEIGHT: normal; TEXT-INDENT: -127.6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 127.6pt; LINE-HEIGHT: normal; TEXT-INDENT: -127.6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Paragraph 3&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp;&nbsp;&nbsp; At the discretion of the Board of Directors, preemptive rights for existing shareholders may be excluded or the deadline for their exercise may be reduced in the case of the issue of shares and share-convertible debentures or subscription warrants, which are placed through sale on the stock exchange or by public subscription or through an exchange of shares in a public offer for the acquisition of control, pursuant to the prevailing legislation. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 127.6pt; LINE-HEIGHT: normal; TEXT-INDENT: -127.6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Paragraph 4&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Board of Directors shall establish the price, term and conditions of each issue. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 127.6pt; LINE-HEIGHT: normal; TEXT-INDENT: -127.6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Paragraph 5&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholders who fail to pay in the subscribed shares, as per the subscription order or call, shall be declared, for all legal purposes, to be in default and shall pay the Company interest of one percent (1%) per month or a fraction thereof, from the first (1st) day as of the failure to perform the obligation, adjusted for inflation pursuant to the law, in addition to a fine equivalent to ten per cent (10%) of the amount in arrears and not paid in.</FONT></P>

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<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Chapter III</FONT></B></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>GENERAL MEETING</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Article 8 -&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>The General Meeting is empowered to decide on all business related to the Company, take any resolutions it deems appropriate for its defense and development, and shall be called, with an indication of the agenda, as provided for by the law. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>&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; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Article 9 -</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>&nbsp;&nbsp;&nbsp; The General Meeting shall be convened and chaired by the chairman of the Board of Directors or, in his or her absence, by whomever he or she appoints.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 127.6pt; LINE-HEIGHT: normal; TEXT-INDENT: -127.6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Sole Paragraph -&nbsp;&nbsp;&nbsp; The Chairman shall appoint the secretary of the General Meeting.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Article 10 -&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>The General Meeting shall meet ordinarily in the first four months following the end of the fiscal year in order to discuss matters referred to in article 132 of Law 6404 of December 15, 1976, and extraordinarily whenever corporate interests so require.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Article 11 -</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>&nbsp; Shareholders may be represented by a legal representative in the General Meetings as per Law 6404 of December 15, 1976 as long as the power-of-attorney is submitted to the company's headquarters up to 48 (forty-eight) hours before the time established for the Meeting.</FONT></P>

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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Calibri>67</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Chapter IV</FONT></B></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>MANAGEMENT</FONT></B></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><U><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Section I</FONT></U></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Standard Rules</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Article 12 - </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>The management of the Company shall be incumbent upon the Board of Directors and the Board of Executive Officers.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>&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; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Article 13 -</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>&nbsp; The remuneration of the managers shall be established by the General Meeting in accordance with the provisions of this article.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 127.6pt; LINE-HEIGHT: normal; TEXT-INDENT: -127.6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Paragraph 1&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp;&nbsp;&nbsp; The fixed overall or individual remuneration of the managers, at the discretion of the General Meeting, shall comprise a fixed monthly amount, which are the fees, and in the case of the executive officers, may also include a variable amount to be paid yearly, calculated on the net income of the Company after formation of the reserves required by law, including for the payment of income tax, and of the provision for mandatory dividends.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 127.6pt; LINE-HEIGHT: normal; TEXT-INDENT: -127.6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Paragraph 2&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp;&nbsp;&nbsp; In the event that the General Meeting establishing an aggregate amount for the managers&#8217; remuneration, it is incumbent on the Board of Directors to distribute said amount. </FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><U><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Section II</FONT></U></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>BOARD OF DIRECTORS</FONT></U></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Article 14 -</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>&nbsp; The Board of Directors is composed of up to 11 (eleven) members, elected by resolution of the General Meeting, with a term of office of 1 (one) year, reelection being allowed. One member shall be the Chairman and another the Vice-Chairman. The term of office of the Board Members shall extend until the investiture of their successors.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 127.6pt; LINE-HEIGHT: normal; TEXT-INDENT: -127.6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Paragraph 1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp;&nbsp;&nbsp; The Chairman and Vice-Chairman of the Board of Directors shall be chosen by their peers, by majority vote, at the first meeting held after their investiture.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 127.6pt; LINE-HEIGHT: normal; TEXT-INDENT: -127.6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 127.6pt; LINE-HEIGHT: normal; TEXT-INDENT: -127.6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Paragraph 2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp;&nbsp;&nbsp; In the event that the employees of the Company, whether or not joined in an investment club or as co-owners, do not have a sufficient shareholding to guarantee membership on the Board of Directors, one position on the Board shall be reserved for the person chosen by the employees and in such a capacity, indicated to the General Meeting, through a specific procedure, to be elected to fill said position.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 127.6pt; LINE-HEIGHT: normal; TEXT-INDENT: -127.6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Paragraph 3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp;&nbsp;&nbsp; The Executive Officers shall be entitled to speak, when called to attend the Board of Directors meetings.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Article 15 -</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>&nbsp; The Board of Directors shall meet, ordinarily, on the dates established in the yearly calendar approved by said Board in the last month of the immediately preceding year, and extraordinarily whenever called by the Chairman, the Vice-Chairman, when exercising the role of chairman, or the majority of its Members.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 127.6pt; LINE-HEIGHT: normal; TEXT-INDENT: -127.6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Paragraph 1&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp;&nbsp;&nbsp; The meetings of the Board of Directors shall only be installed with the attendance of a majority of its members, and shall be presided over by its Chairman.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 127.6pt; LINE-HEIGHT: normal; TEXT-INDENT: -127.6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Paragraph 2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp; The Board of Directors meetings may be held, exceptionally, by conference call, video conferencing, electronic mail, or other means of communication, computing as present those members who vote by any of these means.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 127.6pt; LINE-HEIGHT: normal; TEXT-INDENT: -127.6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Paragraph 3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp;&nbsp;&nbsp; Minutes of the meetings shall be drawn up in a book for this purpose and, after having read and approved by those members present, shall be signed by a sufficient number to constitute the majority required for approval of the matters under examination.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 127.6pt; LINE-HEIGHT: normal; TEXT-INDENT: -127.6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 127.6pt; LINE-HEIGHT: normal; TEXT-INDENT: -127.6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Paragraph 4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp;&nbsp;&nbsp; Board resolutions shall be passed by a majority vote of those present. In the event of a tie, the Chairman of the meeting shall have the casting vote, in addition to his own.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 127.6pt; LINE-HEIGHT: normal; TEXT-INDENT: -127.6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Paragraph 5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp;&nbsp;&nbsp; Meetings shall be called at least 72 (seventy-two) hours prior to the date of the meeting.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 127.6pt; LINE-HEIGHT: normal; TEXT-INDENT: -127.6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Paragraph 6&nbsp;&nbsp;&nbsp;&nbsp; &nbsp; -&nbsp;&nbsp;&nbsp;&nbsp; The Board of Directors shall have a General Secretary, in whose absence will be replaced by another employee or manager designated by the Chairman of the Board.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Article 16 -</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>&nbsp; In the cases of vacancy, temporary impediment, or absence of a member of the Board of Directors, the following rules shall be observed:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I- In the case of vacancy of any member of the Board of Directors, the remaining members shall appoint a substitute to serve until the Company's next General Meeting, if the number of remaining members is less than the minimum provided in these bylaws, and who, if confirmed by the respective General Meeting, shall complete the term of the member replaced.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; II- In the case of temporary impediment or absence of any member of the Board of Directors, the absent or impeded member may indicate a replacement from among the other members, who will replace and represent the impeded or absent member as long as the impediment lasts. If said impediment lasts for more than ninety days, however, the position will be deemed to be vacant.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=blue face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; III- If the vacancy occurs in the position of Chairman, the Vice-Chairman shall assume the office of Chairman or, in the lack thereof, by another member chosen by the remaining members. In the case of the Chairman's temporary impediment or absence, he shall be replaced by the Vice-Chairman or, in the lack thereof, by another member appointed by him.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IV- In the cases of temporary impediment or absence under this Article 16, representatives shall act on their own behalf and on that of the members represented.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Article 17 -</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>&nbsp; Board Members shall, upon request, receive copies of the minutes of meetings of the Board of Executive Officers and any special committees created by the Board of Directors hereunder.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,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;&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;&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; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Article 18 -</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>&nbsp; The Board of Directors may form special committees to assist it, with defined purposes and limited terms of activities, designating the members thereof.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 127.6pt; LINE-HEIGHT: normal; TEXT-INDENT: -127.6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Sole Paragraph -&nbsp;&nbsp; The special committees created by the Board of Directors will have neither an executive nor a deliberative function and their recommendations, proposals and/or opinions should be submitted for consideration by the Board of Directors.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Article 19 -</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>&nbsp; In addition to the duties established by law, it is incumbent upon the Board of Directors:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 141.75pt; LINE-HEIGHT: normal; TEXT-INDENT: -141.75pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>&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; MARGIN: 0in 0in 0pt 141.75pt; LINE-HEIGHT: normal; TEXT-INDENT: -141.75pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;I -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to establish the general policy for the businesses of the Company, its wholly-owned subsidiaries and controlled companies;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 141.75pt; LINE-HEIGHT: normal; TEXT-INDENT: -141.75pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;II -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to approve the annual and pluriannual budgets, expansion projects and investment programs, and to follow up on execution and performance thereof;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 141.75pt; LINE-HEIGHT: normal; TEXT-INDENT: -141.75pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;III -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to elect and dismiss the members of the Board of Executive Officers and assign their duties;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 141.75pt; LINE-HEIGHT: normal; TEXT-INDENT: -141.75pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;IV - &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to elect and dismiss the members of the Audit Committee and, if a position becomes vacant, to elect a substitute to complete the term of office of the replaced member;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 141.75pt; LINE-HEIGHT: normal; TEXT-INDENT: -141.75pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;V -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to assign to an Executive Officer the function of investor relations officer, which may or may not be exercised concurrently with other executive functions and whose powers are establish&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; by law;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 141.75pt; LINE-HEIGHT: normal; TEXT-INDENT: -141.75pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;VI -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to appoint and dismiss the Company's independent auditors after hearing the recommendation of the Audit Committee;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 141.75pt; LINE-HEIGHT: normal; TEXT-INDENT: -141.75pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;VII -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to appoint and dismiss the person responsible for the internal audit, who shall be a legally qualified employee of the Company and report to the Chairman of the Board of Directors;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 141.75pt; LINE-HEIGHT: normal; TEXT-INDENT: -141.75pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;VIII -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to decide on capital increases within the limits of authorized capital, observing the provisions of Article 7 of these Bylaws;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 141.75pt; LINE-HEIGHT: normal; TEXT-INDENT: -141.75pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,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;&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 141.75pt; LINE-HEIGHT: normal; TEXT-INDENT: -141.75pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;IX -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to authorize trading by the Company of its own shares for maintenance in treasury for subsequent sale or cancellation;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 141.75pt; LINE-HEIGHT: normal; TEXT-INDENT: -141.75pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;X -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to establish the terms and other conditions for the placement of debentures, including those convertible to shares, specifying the limit of the capital increase resulting from the conversion of the debentures and the type and class of shares to be issued, as well as determining the conditions stated in items VI to VIII inclusive of article 59 of Law 6404/76 and the opportunity for issuance in other cases;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 141.75pt; LINE-HEIGHT: normal; TEXT-INDENT: -141.75pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;XI -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to decide on the issuance by the Company of commercial papers, bonds, notes, and other securities intended to raise funds through primary or secondary distribution on the domestic or international capital markets;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 141.75pt; LINE-HEIGHT: normal; TEXT-INDENT: -141.75pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;XII -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to establish criteria for the following acts by the Executive Officers, independently of prior authorization by the Board of Directors;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 141.75pt; LINE-HEIGHT: normal; TEXT-INDENT: -141.75pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 0pt 177.2pt; LINE-HEIGHT: normal; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>a)acquisition, disposal and encumbrance of any permanent asset;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 0pt 177.2pt; LINE-HEIGHT: normal; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>b)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; TEXT-AUTOSPACE: ideograph-numeric" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>conduction of any legal business by the Company, including financing and loans, including companies directly or indirectly controlled by the Company;</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt"><FONT style="DISPLAY: none"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 0pt 177.2pt; LINE-HEIGHT: normal; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>c)the constitution of any type of guarantee or encumbrance on any asset that is not part of the Company&#8217;s permanent assets, including for the benefit or in favor of third parties as long as the party is a subsidiary entity, subsidiary or affiliate of the Company;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 177pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 141.75pt; LINE-HEIGHT: normal; TEXT-INDENT: -141.75pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XIII -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to decide on the operation or action constituting a transfer of the Company's funds to others, including employee associations, recreational assistance entities, pension funds, foundations and public corporations;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 141.75pt; LINE-HEIGHT: normal; TEXT-INDENT: -141.75pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;XIV -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to require audits of companies, foundations and similar entities in which the Company participates;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 141.75pt; LINE-HEIGHT: normal; TEXT-INDENT: -141.75pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;XV -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to resolve on any acts involving transformation, consolidation, spin-off, incorporation or liquidation of companies in which the Company has corporate holding;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 141.75pt; LINE-HEIGHT: normal; TEXT-INDENT: -141.75pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XVI -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to decide on the establishment of subsidiaries by the Company, as well as on the acquisition of equity interest, and to resolve on the representation at the General Meetings and shareholders&#8217; meetings and on matters submitted to said meetings;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 141.75pt; LINE-HEIGHT: normal; TEXT-INDENT: -141.75pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XVII -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to appoint and dismiss the General Secretary of the Board of Directors and define his duties;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 141.75pt; LINE-HEIGHT: normal; TEXT-INDENT: -141.75pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 141.75pt; LINE-HEIGHT: normal; TEXT-INDENT: -141.75pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XVIII -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to establish policies for taking up tax incentives;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 141.75pt; LINE-HEIGHT: normal; TEXT-INDENT: -141.75pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 141.75pt; LINE-HEIGHT: normal; TEXT-INDENT: -141.75pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XIX -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to establish the remuneration, determine the duties, and approve the operational rules for the functioning of the Audit Committee and any other committees that may be created;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 141.75pt; LINE-HEIGHT: normal; TEXT-INDENT: -141.75pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XX -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to resolve any omissions and perform other legal duties that do not conflict with those established by these Bylaws or by Law;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 141.75pt; LINE-HEIGHT: normal; TEXT-INDENT: -141.75pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 141.75pt; LINE-HEIGHT: normal; TEXT-INDENT: -141.75pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XXI -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to resolve on any matters that go beyond the authority established by the Executive Board, as provided for in Article 19;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.2pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 141.75pt; LINE-HEIGHT: normal; TEXT-INDENT: -141.75pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,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;</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><U><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Section III</FONT></U></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>EXECUTIVE BOARD</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Article 20 -&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>The Company shall have a Board of Executive Officers composed of 2 (two) to 9 (nine) Executive Officers, at the discretion of the Board of Directors, one of whom to be the Chief Executive Officer and the other Executive Officer, each having an area of activity determined by the Board of Directors, one of whom shall be designated as the investor relations officer.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt; LINE-HEIGHT: normal; TEXT-INDENT: -106.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Paragraph 1 -&nbsp;&nbsp;&nbsp; The term of office of the Executive Officers is two years, reelection being allowed, and will last until their respective successors take office;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt; LINE-HEIGHT: normal; TEXT-INDENT: -106.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt; LINE-HEIGHT: normal; TEXT-INDENT: -106.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Paragraph 2&nbsp; -&nbsp;&nbsp; In the case of impediment or vacancy of any Officer, said Officer will be replaced in accordance with the determination of the Board of Directors. </FONT></P>

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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Calibri>71</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt; LINE-HEIGHT: normal; TEXT-INDENT: -106.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Paragraph 3&nbsp;&nbsp; -&nbsp;&nbsp;&nbsp;&nbsp; The Executive Officers shall perform their duties on a full-time basis.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt; LINE-HEIGHT: normal; TEXT-INDENT: -106.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Article 21</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp;&nbsp;&nbsp; With due regard for the guidelines and resolutions of the Board of Directors and the General Meeting, the Board of Executive Officers shall have authority to administer and manage the business of the Company, with powers to perform all acts and carry out all transactions related to the purpose of the Company, with due regard for the provisions established by the Board of Directors (Article 19, item XII) and other provisions provided for herein.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 92.15pt; LINE-HEIGHT: normal; TEXT-INDENT: -92.15pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Paragraph </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>1 -&nbsp;&nbsp; It is incumbent upon the Board of Executive Officers to appoint an Executive Officer or attorney in fact with specific powers to represent the Company severally in certain acts.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 92.15pt; LINE-HEIGHT: normal; TEXT-INDENT: -92.15pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Paragraph </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>2 -&nbsp;&nbsp;&nbsp; The Board of Executive Officers shall authorize the opening, transfer or closing of branches, agencies, offices and establishments of any other kind of the Company.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 92.15pt; LINE-HEIGHT: normal; TEXT-INDENT: -92.15pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 92.15pt; LINE-HEIGHT: normal; TEXT-INDENT: -92.15pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Paragraph </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>3 -&nbsp; The Board of Executive Officers shall approve the names of the persons to be appointed by the Company to the executive boards and boards of directors, advisory, fiscal and decision-making councils of subsidiaries directly or indirectly controlled by or associated with the Company, as well as associations, foundations and other types of corporate groups in which the Company participates.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Article 22</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif> &nbsp;&nbsp; -&nbsp;&nbsp;&nbsp;&nbsp; The Board of Executive Officers shall meet whenever summoned by the Chief Executive Officer or by two Executive Officers, and shall be installed if a majority of its members are present.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 92.15pt; LINE-HEIGHT: normal; TEXT-INDENT: -92.15pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Paragraph 1 -&nbsp;&nbsp;&nbsp; The Board of Executive Officers shall decide always by a majority vote of those present. In the event of a tie, the Board of Executive Officers shall submit the matter to the Board of Directors for resolution. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 92.15pt; LINE-HEIGHT: normal; TEXT-INDENT: -92.15pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 92.15pt; LINE-HEIGHT: normal; TEXT-INDENT: -92.15pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Paragraph 2 -&nbsp;&nbsp;&nbsp; Resolutions of the Board of Executive Officers shall be recorded in minutes drawn up in the proper book and signed by all present members, the copies of all minutes being sent to the members of the Board of Directors upon request.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Article 23</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp;&nbsp;&nbsp; The Chief Executive Officer shall:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; preside over meetings of the Board of Executive Officers;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 134.7pt; LINE-HEIGHT: normal; TEXT-INDENT: -134.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; II - &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; carry out the executive direction of the Company, to that end coordinating and supervising the activities of the other Executive Officers, ensuring full observance of the resolutions and policies established by the Board of Directors and General Meeting;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 134.7pt; LINE-HEIGHT: normal; TEXT-INDENT: -134.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; III - &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; organize, coordinate and supervise the activities of the areas directly subordinate to him;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 134.7pt; LINE-HEIGHT: normal; TEXT-INDENT: -134.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IV - &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; allocate special activities and duties to any of the Executive Officers independently of their normal ones, ad referendum of the Board of Directors;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 134.7pt; LINE-HEIGHT: normal; TEXT-INDENT: -134.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; V - &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; keep the Board of Directors informed of the activities of the Company; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 134.7pt; LINE-HEIGHT: normal; TEXT-INDENT: -134.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VI -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; prepare, with the assistance of the other Executive Officers, and submit to the Board of Directors proposals to (i) define the duties of the other Executive Officers; and (ii) establish the criteria as to amounts or limit for expenditure for acts by each of the Executive Officers; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VII -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; prepare the annual report and draw up the balance sheet, together with the other Executive Officers.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Article 24</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp;&nbsp;&nbsp; It is incumbent upon each of the Executive Officers, within the specific sphere of activity allocated to them by the Board of Director:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 134.7pt; LINE-HEIGHT: normal; TEXT-INDENT: -134.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I - &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to represent the Company in accordance with the law and these bylaws;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 134.7pt; LINE-HEIGHT: normal; TEXT-INDENT: -134.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 134.7pt; LINE-HEIGHT: normal; TEXT-INDENT: -134.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; II - &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to organize, coordinate and supervise the services for which they are responsible;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 134.7pt; LINE-HEIGHT: normal; TEXT-INDENT: -134.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 134.7pt; LINE-HEIGHT: normal; TEXT-INDENT: -134.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; III - &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to attend Board of Executive Officers meetings, helping define the policies to be followed by the Company and reporting on matters in their respective areas of supervision and coordination;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 92.15pt; LINE-HEIGHT: normal; TEXT-INDENT: -92.15pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 134.7pt; LINE-HEIGHT: normal; TEXT-INDENT: -134.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IV -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to comply and cause compliance with the policies and general guidelines for the business of the Company established by the Board of Directors, each Executive Officer being responsible for his specific area of activity.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Article 25</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp;&nbsp;&nbsp; The representation of the Company and the practice of acts necessary for its normal operation shall be the responsibility of the Executive Officers, subject to the following provisions.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 150%"><FONT style="LINE-HEIGHT: 150%"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 134.7pt; LINE-HEIGHT: normal; TEXT-INDENT: -134.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I &#8211; All acts, agreements or documents that imply responsibility for the Company or that release third parties from responsibilities or obligations with the Company shall be signed (a) by two Executive Officers, (b) by an Executive Officer and one attorney in fact with these specific powers, or (c) by two attorneys in fact with these specific powers;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 150%"><FONT style="LINE-HEIGHT: 150%"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 134.7pt; LINE-HEIGHT: normal; TEXT-INDENT: -134.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; II &#8211;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; With the exception of the provisions in these Bylaws, the Company may be represented by any one Executive Officers or attorney in fact with special powers in the following circumstances: (i) when performing simple routine administrative acts, including those in connection with government departments in general, autonomous government entities, government-owned companies, mixed-capital companies, the Commercial Registry, Labor Courts, National Social Security Institute, Unemployment Compensation Fund, and its banks, (ii) before public service concessionaires or licensees in acts that do not imply the assumption or release of third party obligations; (iii) to protect its rights in administrative proceedings or of any nature, and in meeting its tax, labor, or social security obligations; (iv) in the endorsement of securities for purposes of collection or deposit in the Company's bank accounts; (v) to represent the Company in general meetings of shareholders or the equivalent of companies, consortia, and other entities in which the Company participates; (vi) for the purpose of receiving subpoenas, citations, notices, or judicial notifications in active and passive representation of the Company in court and testify in person, or similar acts; and (vii) the signature of documents of any kind that may result in the assumption of commitments by the Company in circumstances in which the presence of a second representative is not possible and if authorized by the Board of Executive Officers (Art. 21, paragraph 1);</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 134.7pt; LINE-HEIGHT: normal; TEXT-INDENT: -134.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt; LINE-HEIGHT: normal; TEXT-INDENT: -106.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Paragraph 1&nbsp;&nbsp; -&nbsp;&nbsp;&nbsp;&nbsp; The acts for which these Bylaws require prior authorization by the Board of Directors may only be performed after said condition has been met;</FONT></P>

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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Calibri>73</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt; LINE-HEIGHT: normal; TEXT-INDENT: -106.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Paragraph 2&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; The Board of Directors shall define the amount above which the acts and instruments entailing liabilities for the Company shall necessarily be signed by an Executive Officer jointly with an attorney in fact with specific powers;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Article 26</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif> &nbsp;&nbsp; -&nbsp;&nbsp;&nbsp;&nbsp; The following rules shall be observed as regards the appointment of attorneys in fact:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 134.7pt; LINE-HEIGHT: normal; TEXT-INDENT: -134.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; all powers of attorney shall be signed by two Executive Officers or by one Executive Officer jointly with an attorney in fact appointed by the Board of Directors; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 92.15pt; LINE-HEIGHT: normal; TEXT-INDENT: -92.15pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 134.7pt; LINE-HEIGHT: normal; TEXT-INDENT: -134.7pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; II -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Except in the event of judicial powers of attorney, which may be granted for an indefinite period, all powers of attorney shall be granted for a specific term of no more than one year, with specific and limited powers.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Article 27</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp;&nbsp;&nbsp; Any acts performed without due regard for the rules established in these bylaws, particularly in articles 25 and 26, shall be null and void, and shall not give rise to any liabilities for the Company.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><U><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Chapter V</FONT></U></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>FISCAL COUNCIL</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Article 28</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp;&nbsp;&nbsp; <FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>Designed to function in the fiscal years in which it is constituted at the request of shareholders, the Fiscal Council shall be composed of 3 (three) sitting members and 3 (three) </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>alternates</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif> elected by the General Meeting, which shall establish the compensation of the sitting members.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 120.5pt; LINE-HEIGHT: normal; TEXT-INDENT: -120.5pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Sole Paragraph -&nbsp;&nbsp;&nbsp;&nbsp; The Fiscal Council's term of office ends upon the first Annual General Meeting held after it has been constituted.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 120.5pt; LINE-HEIGHT: normal; TEXT-INDENT: -120.5pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 120.5pt; LINE-HEIGHT: normal; TEXT-INDENT: -120.5pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><U><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Chapter VI</FONT></U></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 141.75pt; LINE-HEIGHT: normal; TEXT-INDENT: -49.6pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 141.75pt; LINE-HEIGHT: normal; TEXT-INDENT: -49.6pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>AUDIT COMMITTEE</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Article 29 &nbsp;&nbsp; -&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>The Company will have an Audit Committee composed of three (3) members elected by the Board of Directors from among its members, with term of office of one (1) year, reelection being allowed.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 120.5pt; LINE-HEIGHT: normal; TEXT-INDENT: -120.5pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 120.5pt; LINE-HEIGHT: normal; TEXT-INDENT: -120.5pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Sole Paragraph&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp;&nbsp; The Board of Directors will approve the Internal Rules of the Committee, whereby its functions and duties, which shall comply with the laws and regulations applicable to audit committees, will be determined.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 120.5pt; LINE-HEIGHT: normal; TEXT-INDENT: -120.5pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 120.5pt; LINE-HEIGHT: normal; TEXT-INDENT: -120.5pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><U><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Chapter VII</FONT></U></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>FISCAL YEAR, BALANCE SHEETS AND PROFITS</FONT></B></P>

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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Calibri>74</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Article 30</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp;&nbsp;&nbsp; The fiscal year shall end on December 31 of each year, when the Financial Statements shall be drawn up and, after examination by the Board of Directors, submitted to the General Meeting, along with the proposal for allocation of net income for the year.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt; LINE-HEIGHT: normal; TEXT-INDENT: -106.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Paragraph 1 - &nbsp;&nbsp; The accumulated losses and provision for income and social contribution taxes will be deducted from the result of the year, prior to any profit sharing.</FONT></P>

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<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Paragraph 2 -&nbsp;&nbsp; The net income shall mandatorily have the following allocation:</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 141.6pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>I &#8211; five per cent (5%) shall be allocated to the legal reserve fund until reaching twenty per cent (20%) of the subscribed capital stock;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,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;&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; II &#8211; payment of mandatory dividends (Article 33);</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 141.6pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>III &#8211; allocation of the remaining income shall be resolved by the General Meeting, observing the legal precepts.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt; LINE-HEIGHT: normal; TEXT-INDENT: -106.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt; LINE-HEIGHT: normal; TEXT-INDENT: -106.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Paragraph 3&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp;&nbsp; The Board of Directors may propose, for the deliberation of the Meeting, the deduction of at least 1% (one percent) from net income for the year for the establishment of a Working Capital and Investment Reserve, in accordance with the following precepts:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt; LINE-HEIGHT: normal; TEXT-INDENT: -106.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 141.6pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>I &#8211; its constitution shall not jeopardize the right to minimum mandatory dividends referred to in Article. 33; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 141.6pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 141.6pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>II &#8211; its balance in conjunction with the other income reserves, excluding reserves for contingencies and unrealized profits, may not exceed the Company&#8217;s capital stock, under penalty of capitalization or distribution in cash of the surplus at the discretion of the General Meeting;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 141.6pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 141.6pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>III &#8211; the reserve is intended to ensure the maintenance and development of activities that constitute the Company's corporate purpose and investments in fixed assets, or additions to working capital including through amortizations of the Company&#8217;s debt, independently of the retention of profits linked to the capital budget;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 141.6pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 141.6pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>IV - its balance may be used (i) to absorb losses whenever necessary, (ii) for the distribution of dividends at any time, (iii) for the redemption, repayment, or purchase of shares as authorized by law, and (iv) be incorporated into the Company&#8217;s capital, including through stock bonuses consisting of new shares.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Article</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif> </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>31</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp;&nbsp;&nbsp; In addition, it shall be incumbent upon the Board of Directors: </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt; LINE-HEIGHT: normal; TEXT-INDENT: -106.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 141.6pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>I &#8211; to determine the drawing up of half-yearly and quarterly balance sheets, or for shorter periods, observing the legal precepts;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 141.6pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 141.6pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>II &#8211; to approve the payment of any additional interim dividends, including as a total or partial advance on the mandatory dividend for the year in progress, observing the legal provisions;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 141.6pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 141.6pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>III &#8211; to declare dividends to the year&#8217;s profit account verified in the half-yearly balance sheets, retained earnings or profit reserves existing in the last annual or half-yearly balance sheet;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 141.6pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>IV &#8211; pay interest on equity attributing the interest paid or credited to the mandatory dividend (Article 33), pursuant to Article 9, paragraph 7 of Law 9249 of December 26, 1995.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 106.35pt; LINE-HEIGHT: normal; TEXT-INDENT: -106.35pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Article</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif> </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>32</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif> &nbsp;&nbsp; -&nbsp;&nbsp;&nbsp;&nbsp; The Board of Directors&#8217; act to resolve on the advance payment of the mandatory dividend shall determine if these payments will be monetarily restated, deducted from the mandatory dividend for the year and once this deduction is determined, the Annual General Meeting will be the payment of the mandatory balance, if any, as well as the reversal to the original account of the amount paid in advance.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Article 33</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp;&nbsp;&nbsp; The dividend distribution shall not be less than 25% (twenty-five percent) of the net income, pursuant to article 202 of Law 6404 of December 15, 1976, and in compliance with Article 30 hereof.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Article 34</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp;&nbsp;&nbsp; Dividends shall be paid on the dates and at the places indicated by the Executive Officer in charge of the Investor Relations area. If not claimed within 3 (three) years as from the beginning of the payment, dividends shall become time-barred in favor of the Company.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><U><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Chapter VIII</FONT></U></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>LIQUIDATION</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Article</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif> </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>35</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp;&nbsp;&nbsp; The Company shall be liquidated in the events established by Law, with due regard for the applicable rules.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 113.4pt; LINE-HEIGHT: normal; TEXT-INDENT: -113.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=Calibri,sans-serif>Sole Paragraph&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp; The General Meeting that approves the liquidation shall appoint the liquidator and the members of the Fiscal Council that shall function during the liquidation period, establishing their respective fee.</FONT></P>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.25pt; TEXT-AUTOSPACE: ideograph-numeric" color=#17365d face=Calibri,sans-serif>ATTACHMENT VI &#8211; Protocol and Justification for Incorporation</FONT></B></P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt"><B><U><FONT lang=EN-US style="FONT-SIZE: 11pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Protocol and justification of motives for incorporation</FONT></U></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>The executive officers of </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>CSN CIMENTOS S.A.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>, with its head office at Highway BR 393 (L&#250;cio Meira) no number, Km 5,001, Vila Santa Cec&#237;lia, CEP 27260-390, in the city of Volta Redonda, in the State of Rio de Janeiro, registered with the Ministry of Finance under Corporate Taxpayer I/D No. 42.564.807/0001-05, with its corporate acts filed at the Board of Trade of the State of Rio de Janeiro, under Company Registry (NIRE) 333.000.897.72, herein after referred to simply as &#8220;CSN Cimentos&#8221;; and </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>The executive officers of </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>COMPANHIA SIDER&#218;RGICA NACIONAL</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>, with its head office at Avenida Brigadeiro Faria Lima No. 3400, 15<SUP>th</SUP> floor, and part of the 19<SUP>th</SUP> and 20<SUP>th</SUP> floors, Itaim Bibi, CEP 04538-132, in the city of S&#227;o Paulo, in the State of S&#227;o Paulo, registered with the Ministry of Finance under Corporate Taxpayer I/D No. 33.042.730/0001-04, with its corporate acts filed at the Board of Trade of the State of S&#227;o Paulo, under Company Registry (NIRE) 35-3.0039609.0, herein after referred to simply as &#8220;CSN&#8221;.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>AGREE to sign this Protocol of Incorporation and Justification of Motives, in order to clarify the terms, conditions and justifications governing the incorporation of CSN Cimentos by CSN, in the manner and for the purposes stipulated by Law No. 6404/76, of December 15, 1976, and later amendments, in particular for the purposes of articles 224 and 225, as well as by CVM Instruction No. 319/99 (&#8220;ICVM 319&#8221;), on the following terms:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>1 &#8211; JUSTIFICATION FOR THE INCORPORATION</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 0.5in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face=Calibri,sans-serif>1.1.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; TEXT-AUTOSPACE: " face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face=Calibri,sans-serif>Given that the incorporating company is the sole shareholder and the parent company of the company to be incorporated, owning 100% of the shares issued by the company to be incorporated, and that there are similarities in the activities carried out by both of the companies, the incorporation of the equity of the company to be incorporated by the incorporating company will result in optimization of processes and maximization of results, concentrating all the commercial and administrative activities of the two companies in a single organizational structure.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 0.5in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face=Calibri,sans-serif>1.2.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; TEXT-AUTOSPACE: " face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face=Calibri,sans-serif>Studies undertaken in relation to this indicate that (i) the present time is the most appropriate one for carrying out the operation and (ii) the operating performance of both CSN Cimentos and CSN conclusively proves the desirability of the incorporation, indicating that the current stage of business of both companies points to the centralization of their activities, by means of incorporation.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 0.5in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face=Calibri,sans-serif>1.3.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; TEXT-AUTOSPACE: " face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face=Calibri,sans-serif>According to studies carried out, the aforementioned operation will result in significant economies of scale, both by an immediate reduction in expenses on account of the integration, synergy, standardization and streamlining of operational and administrative activities, and from a financial viewpoint.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 0.5in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face=Calibri,sans-serif>1.4.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; TEXT-AUTOSPACE: " face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face=Calibri,sans-serif>The suggested incorporation has been carefully examined at meetings held between the technical departments and the managements of the companies and their legal advisors, who did not detect any factors that indicated that the incorporation should not go ahead.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 0.5in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face=Calibri,sans-serif>1.5.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; TEXT-AUTOSPACE: " face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face=Calibri,sans-serif>Therefore, taking into account: (i) the interest that the Incorporating Company and the company to be incorporated have to finally unite, so as to be able, as a single legal entity, to better develop the business activities currently carried out by both companies, enabling activities to be centralized under a single management; and (ii) the economic, financial and strategic benefits that this unification of CSN Cimentos&#8217; and CSN&#8217;s activities into a single legal entity will produce, such as reduction and simplification of administrative costs, particularly those of a management nature; the management bodies of both companies established the conditions for the incorporation of CSN Cimentos by CSN.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 27pt; TEXT-INDENT: -27pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face=Calibri,sans-serif>2.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; TEXT-AUTOSPACE: " face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face=Calibri,sans-serif>INCORPORATION PROTOCOL</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 0.5in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face=Calibri,sans-serif>2.1.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; TEXT-AUTOSPACE: " face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face=Calibri,sans-serif>The proposed operation is aimed at the incorporation of CSN Cimentos by CSN, with the winding up of CSN Cimentos and the transfer of the respective shareholders&#8217; equity to CSN, which will become its successor in title, under the terms of article 227, of Law No. 6404/76.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 0.5in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face=Calibri,sans-serif>2.2.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; TEXT-AUTOSPACE: " face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face=Calibri,sans-serif>In compliance with article 224, I, IV and VI of the Brazilian Corporate Law, the Parties give notice that, since CSN Cimentos&#8217; shareholders&#8217; equity is already fully reflected in CSN by means of equity pick-up, given that it is the sole shareholder of CSN Cimentos, the transfer of CSN Cimentos&#8217; complete equity to CSN will not imply any increase in CSN&#8217;s capital stock, or any share issue or amendment to its by-laws.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 0.5in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face=Calibri,sans-serif>2.3.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; TEXT-AUTOSPACE: " face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face=Calibri,sans-serif>Therefore, there is no need to consider substitution ratios, with CSN&#8217;s ownership structure remaining exactly the same as it was prior to the incorporation operation.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 0.5in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face=Calibri,sans-serif>2.4.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; TEXT-AUTOSPACE: " face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face=Calibri,sans-serif>The shareholders&#8217; equity of CSN Cimentos, to be transferred to CSN, was valued by APSIS Consultoria e Avalia&#231;&#245;es Ltda. A company based at Rua da Assembleia No. 35, 12th floor, in the city and State of Rio de Janeiro, registered with the Ministry of Finance under Corporate Taxpayer I/D No. 08.681.365./0001-30, and originally registered with the Regional Accounting Council of the State of Rio de Janeiro under No. CRC/RJ-005112/O-9, it specializes in equity valuations, and its engagement will be submitted for approval by Special Shareholders&#8217; Meetings of CSN Cimentos and CSN. The valuation will be made based on the Special Balance Sheet prepared as at March 31, 2015 (&#8220;incorporation base-date&#8221;). The variation in the shareholders&#8217; equity of the company to be incorporated that occurs between the incorporation base-date and the actual incorporation date (i.e., May 1, 2015), will be borne in full by the Incorporating company.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 0.5in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face=Calibri,sans-serif>2.5.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; TEXT-AUTOSPACE: " face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face=Calibri,sans-serif>Balances on creditor and debtor accounts will be transferred to the incorporating company&#8217;s books of account, with the necessary adjustments being made. Every liability to be absorbed by CSN is recorded, and the assets, rights and obligations of the company to be incorporated, which make up the shareholders&#8217; equity to be transferred to CSN, are described in detail in the Valuation Report, at book value.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 0.5in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face=Calibri,sans-serif>2.6.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; TEXT-AUTOSPACE: " face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face=Calibri,sans-serif>Having been informed of their appointment as expert appraisers, subject to the approval of the shareholders of CSN and CSN Cimentos, the above mentioned experts started work immediately on their study and the preparation of the valuation report for CSN Cimentos, establishing that there is no conflict or communion of interest, actual or potential, in relation to the incorporation operation itself.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 0.5in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face=Calibri,sans-serif>2.7.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; TEXT-AUTOSPACE: " face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face=Calibri,sans-serif>Given that (i) CSN owns all of the shares issued by CSN Cimentos, (ii) the incorporation will not result in any increase in CSN&#8217;s capital, (iii) there will not be any change in the interest of CSN&#8217;s shareholders due to the aforementioned incorporation and (iv) the provisions of OFFICIAL LETTER/CVM/SEP/GEA-2/N&#186; 186/2014 issued by the Brazilian Securities Commission&#8217;s Superintendence of Company Relations, CSN is exempted (i) from drawing up the comparative valuation reports mentioned in article 264 of Law No. 6404/1976; (ii) from publishing in the press the Material Fact that is required under article 2 of CVM Instruction No. 319/1999; and (iii) from preparing financial statements audited by independent auditors, under the terms of article 12 of CVM Instruction No. 319/99.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 0.5in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face=Calibri,sans-serif>2.8.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; TEXT-AUTOSPACE: " face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face=Calibri,sans-serif>CSN will keep its head office and its current branches. However, CSN Cimentos&#8217; establishments, where it has its head office and its branches, will be closed down as a result of the incorporation. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 0.5in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face=Calibri,sans-serif>2.9.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; TEXT-AUTOSPACE: " face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face=Calibri,sans-serif>The incorporating company will take the place of the company to be incorporated, by way of universal succession, in relation to all of its assets, rights and obligations, under the terms of article 227 of Law No. 6404/76.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face=Calibri,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Calibri>78</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 0.5in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face=Calibri,sans-serif>2.10.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; TEXT-AUTOSPACE: " face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face=Calibri,sans-serif>Possible legal actions which, as a result of previously signed obligations, for administrative and/or operational motives, may be practiced on behalf of the company to be incorporated, during the time period between the approval of this Protocol and Justification by the shareholders of the companies that are the signatories to this document and the registration of the respective corporate acts with the Boards of Trade of the State of Rio de Janeiro and the State of S&#227;o Paulo, will be regarded as valid for all legal purposes, and all the resulting rights and obligations will be securitized by the incorporating company in its capacity as successor of the company to be incorporated, under the terms established by the main section of article 227 of Law No. 6404/76.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 0.5in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face=Calibri,sans-serif>2.11.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; TEXT-AUTOSPACE: " face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face=Calibri,sans-serif>Once the incorporation has been approved by the General Shareholders&#8217; Meetings of CSN and CSN Cimentos, the company to be incorporated is deemed to be wound up, and it will be the responsibility of the incorporating company&#8217;s management to arrange for the write-off, registration, annotation and other required acts with the appropriate public authorities to carry out the operation, pursuant to article 227, paragraph 3, of Law No. 6404/76.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 0.5in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face=Calibri,sans-serif>2.12.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; TEXT-AUTOSPACE: " face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face=Calibri,sans-serif>The expenses resulting from the valuation of the assets will be borne by the incorporating company.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>Under the terms of the above Justification and Protocol, both the companies have a material interest in the Incorporation operation.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>Being in mutual agreement, the Parties sign this Protocol of Incorporation and Justification, in the presence of 2 (two) witnesses, in 6 (six) counterparts of equal content, form and legal effect, binding them and their heirs and successors to comply with all of its terms.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt 0.25in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt 0.25in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=Calibri,sans-serif>S&#227;o Paulo, April 9, 2015.</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt 0.25in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=Calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0.25in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=Calibri,sans-serif>______________________________________________________</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 17.85pt; LINE-HEIGHT: normal"><FONT style="FONT-VARIANT: small-caps"><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=Calibri,sans-serif>COMPANHIA SIDER&#218;RGICA NACIONAL</FONT></B></FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0.25in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=Calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0.25in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=Calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0.25in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>______________________________________________________</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>CSN CIMENTOS S.A.</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: -0.5pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 0.25in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>Witnesses:</FONT></FONT></P>

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   <TD style="BORDER-TOP: #000000 1px solid" width="49%"><FONT size=2>Name:<BR>CPF:&nbsp;&nbsp;</FONT></TD>

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

   <TD style="BORDER-TOP: #000000 1px solid" width="49%"><FONT size=2>Name:<BR>CPF:</FONT></TD></TR></TABLE></FONT></FONT></P>

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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Calibri>79</FONT></P>

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    <TD width="100%" align=right><IMG border=0 src="logo.gif">&nbsp;</TD></TR></TABLE>
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<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: #4f81bd 1pt solid; PADDING-BOTTOM: 4pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">
<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.25pt; TEXT-AUTOSPACE: ideograph-numeric" color=#17365d face=Calibri,sans-serif>ATTACHMENT VII &#8211; Information about the
appraisers</FONT></B></P></DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><I><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>(in accordance with article 21 of CVM Instruction 481,
of December 17, 2009)</FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT></B></FONT>&nbsp;</P>
<DIV align=center>
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  <TR style="HEIGHT: 11.75pt">
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: silver; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 53.25pt; LINE-HEIGHT: 115%; TEXT-INDENT: -35.25pt"><FONT style="LINE-HEIGHT: 115%"><B><I><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face=Calibri,sans-serif>1.</FONT></I></B><B><I><FONT style="FONT-SIZE: 7pt; TEXT-AUTOSPACE: " face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></I></B></FONT><FONT style="LINE-HEIGHT: 115%"><B><I><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face=Calibri,sans-serif>Details
      of the appraisers recommended by
management</FONT></I></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 12.1pt">
    <TD style="HEIGHT: 12.1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>APSIS CONSULTORIA E AVALIA&#199;&#213;ES
      LTDA</FONT></FONT><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>, a private legal entity, with its head office at
      Rua da Assembleia, 35, Rio de Janeiro/RJ, </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>registered with the Ministry of Finance under
      Corporate Taxpayer I/D No. </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>08.681.365/0001-30 </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>and with the Regional Accounting Council of the
      State of Rio de Janeiro under No. </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>CRC/RJ-005112/O-9
  (&#8220;APSIS&#8221;).</FONT></FONT></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 10pt 53.25pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=red><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=red face=Calibri,sans-serif></FONT></B></FONT>&nbsp;</P>
<DIV align=center>
<TABLE style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 11.75pt">
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: silver; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 53.25pt; LINE-HEIGHT: 115%; TEXT-INDENT: -35.25pt"><FONT style="LINE-HEIGHT: 115%"><B><I><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face=Calibri,sans-serif>2.</FONT></I></B><B><I><FONT style="FONT-SIZE: 7pt; TEXT-AUTOSPACE: " face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></I></B></FONT><FONT style="LINE-HEIGHT: 115%"><B><I><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face=Calibri,sans-serif>Details
      of the qualifications of the recommended
      appraisers.</FONT></I></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 11.75pt">
    <TD style="HEIGHT: 11.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>APSIS is a company which has been operating in the
      market since the 1970s</FONT></FONT><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>, providing integrated services in the equity
      consulting area to companies both in Brazil as well as abroad. It
      specializes in valuations for corporate restructuring, fair value
      assessment for financial statements, mergers and acquisitions, initial
      public offerings and management of fixed assets, among others.
      </FONT></FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>The valuations are made by a highly qualified,
      multi-disciplinary team which is up-to-date with the changes and needs of
      the market, in accordance with the International Financial Reporting
      Standards (IFRS), published and revised by the International Accounting
      Standards Board (IASB), the Accounting Pronouncements Committee and other
      rules and regulations. It is part of the Brazilian Business Appraisers&#8217;
      Committee (CBAN) of the National Association of Finance, Administrative
      and Accounting Executives (ANEFAC), qualified to issue a Valuation Report
      on the book value of Shareholders&#8217; equity of the incorporated
      company</FONT></FONT><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>, in accordance with the rules currently in
      force.</FONT></FONT></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT></FONT>&nbsp;</P>
<DIV align=center>
<TABLE style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-BOTTOM: medium none; MARGIN-LEFT: 0pt; BORDER-LEFT: medium none" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 11.75pt">
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: silver; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 53.25pt; LINE-HEIGHT: 115%; TEXT-INDENT: -35.25pt"><FONT style="LINE-HEIGHT: 115%"><B><I><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face=Calibri,sans-serif>3.</FONT></I></B><B><I><FONT style="FONT-SIZE: 7pt; TEXT-AUTOSPACE: " face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></I></B></FONT><FONT style="LINE-HEIGHT: 115%"><B><I><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face=Calibri,sans-serif>Copy of
      the work proposals and remuneration of the recommended
      appraisers</FONT></I></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 28.5pt">
    <TD style="HEIGHT: 28.5pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>See </FONT><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>Attachment VIII</FONT></B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>.</FONT></FONT></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: left; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT></FONT>&nbsp;</P>
<DIV align=center>
<TABLE style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-BOTTOM: medium none; MARGIN-LEFT: 0pt; BORDER-LEFT: medium none" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 11.75pt">
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.75pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: silver; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 53.25pt; LINE-HEIGHT: 115%; TEXT-INDENT: -35.25pt"><FONT style="LINE-HEIGHT: 115%"><B><I><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face=Calibri,sans-serif>4.</FONT></I></B><B><I><FONT style="FONT-SIZE: 7pt; TEXT-AUTOSPACE: " face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></I></B></FONT><FONT style="LINE-HEIGHT: 115%"><B><I><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face=Calibri,sans-serif>Description of any material relationship during
      the last 3 (three) years between the recommended appraisers and parties
      related to the company, as defined by the accounting rules that govern
      this matter.</FONT></I></B></FONT></P></TD></TR>
  <TR style="HEIGHT: 12.1pt">
    <TD style="HEIGHT: 12.1pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>APSIS does not have any contractual link with the
      CSN companies, which could compromise their independence in carrying out
      this work.</FONT></FONT></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT></FONT>&nbsp;</P><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif></FONT>
<DIV>
<DIV align=left>&nbsp;</DIV></DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt"><FONT style="DISPLAY: none"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif></FONT></FONT>&nbsp;</P></DIV>
<DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Calibri>80</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_81></A>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD width="100%" align=right><IMG border=0 src="logo.gif">&nbsp;</TD></TR></TABLE>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader81"></a><DIV>&nbsp;</DIV>
<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: #4f81bd 1pt solid; PADDING-BOTTOM: 4pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">
<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=center><B><FONT lang=PT-BR style="FONT-SIZE: 10pt; LETTER-SPACING: 0.25pt; TEXT-AUTOSPACE: ideograph-numeric" color=#17365d face=Calibri,sans-serif>ATTACHMENT VIII &#8211; Audit firm&#8217;s work
proposal</FONT></B></P></DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><I><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif>(as per item 3 of Article 21 of CVM Instruction 481, of
December 17, 2009)</FONT></I></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT></I>&nbsp;</P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT></FONT>&nbsp;</P>
<DIV>
<DIV align=left>&nbsp;</DIV></DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt">&nbsp;</P></DIV>
<DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Calibri>81</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
&nbsp; <A name="page_59"></A>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD width="100%" align=right>
   <IMG border=0 src="logo.gif">&nbsp;</TD></TR></TABLE>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<a name="_bclHeader82"></a><DIV>&nbsp;</DIV>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: #4f81bd 1pt solid; PADDING-BOTTOM: 4pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0.25pt; TEXT-AUTOSPACE: ideograph-numeric" color=#17365d face=Calibri,sans-serif>ATTACHMENT IX &#8211; Valuation Report on the accounts of CSN Cimentos S.A.</FONT></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT size=2 face=Calibri></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT size=2 face=Calibri></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT size=2 face=Calibri></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT size=2 face=Calibri></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT size=2 face=Calibri></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT size=2 face=Calibri></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT size=2 face=Calibri></FONT>&nbsp;</P>

<DIV style="PAGE-BREAK-BEFORE: always">

<P></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt" face=Calibri>82</FONT></P>

<P></P></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 17, 2015</FONT></DIV>

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

<DIV align=center>

<TABLE style="WIDTH: 50%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <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>

<P>&nbsp;</P>

<DIV align=center>

<TABLE style="WIDTH: 50%" cellSpacing=0 cellPadding=0 align=center border=0>



<TR>

   <TD vAlign=top width="50%" colSpan=2>

   <DIV align=left>&nbsp;</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;David Moise Salama </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>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><FONT size=1></FONT>&nbsp;</DIV>

<P>&nbsp;</P>

<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>
